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Click here to see over 150 global oil prices
Click here to see over 150 global oil prices
Start trading CFDs on over 2200 more instruments
Click here to see over 150 global oil prices
Click here to see over 150 global oil prices
Start trading CFDs on over 2200 more instruments
Click here to see over 150 global oil prices
Click here to see over 150 global oil prices
Start trading CFDs on over 2200 more instruments
Click here to see over 150 global oil prices
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Sinopec, the largest refiner in China and Asia, suffered from Covid closures and China’s fuel demand declined this year, and its January-September net profit fell 5. 6% compared to the same period last year.
Sinopec’s net profit fell to 7. 8 billion U. S. dollars (56. 66 billion Chinese yuan) in the nine months to September, according to an inventory market report, as operating prices rose while energy and crude oil prices were high.
The fuel refining business has been hit this year by China’s instant Covid closures, which have affected fuel demand in the country and worried analysts about the trend in oil demand at the world’s smartest crude oil importer.
However, another major Chinese state-owned company, PetroChina, saw a 60% year-on-year increase in profits to $16. 66 billion from January to September. PetroChina is China’s largest refinery and Asia’s largest oil and fuel manufacturer.
While refineries in China suffered due to weak fuel demand, upstream corporations continued to make higher profits as oil and fuel increased.
The China National Marine Oil Corporation (CNOOC), for example, on Thursday reported an 89. 1% annual increase in net profit in the third quarter, driven by emerging oil and fuel costs. Revenue rose 53. 7% as average learned crude and liquid costs rose 36. 1% year-over-year to $95. 80 consistent with a barrel in the third quarter, and average learned fuel costs increased 15. 1% consistently, CNOOC said.
By Tsvetana Paraskova for Oilprice. com
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