Sinopec boosts quarterly profit by 64% — OilPrice

Chinese oil and gas company Sinopec increased profit attributable to shareholders by 63.6% year-on-year in the third quarter of 2026, to 13.6 billion yuan, or about $2 billion. The company’s revenue rose by 9.3%, to 769.7 billion yuan, or $115 billion, OilPrice reports.

Results for nine months

From January to September 2026, Sinopec’s profit increased by 25.3%, while revenue rose by 4.4%. In a stock exchange filing, the company attributed the improved results to a higher share of high-value-added products, including aviation fuel and refined petroleum products, as well as inventory gains amid rising oil prices.

Sinopec’s average realized oil price for the nine months increased to $81.92 per barrel, compared with $66.38 per barrel in the same period of the previous year. At the same time, the company’s production remained virtually unchanged year-on-year.

More current news is available on the UA.News Telegram channel Telegram.

Weaker fuel demand

Sinopec also reported a decline in domestic demand for petroleum products in China. According to its data, petroleum product consumption fell by 8.6% due to the impact of high oil prices on demand and accelerated substitution by new energy sources.

Demand for key chemical products was also weak: ethylene-equivalent consumption declined by 9.4%. The volume of oil processing at Sinopec’s plants fell by 10.2% year-on-year over the nine months. The company was unable to fully benefit from record-high global refining margins because of weak domestic demand and China’s restrictions on fuel exports in spring and summer.