Sinopec, PetroChina Hit Hard by China’s Slowing Oil Demand

China’s two largest refiners, Sinopec and PetroChina, have reported steep declines in refining output as domestic oil demand weakened further in the third quarter.

Lower refining and chemicals demand contributed to a sharp drop in Sinopec’s third-quarter profit to 8.03 billion yuan ($1.13 billion) from a year ago. PetroChina, whose parent company, China …