China’s domestic diesel and gasoline markets are under pressure
Chinese NOCs see upstream gains and downstream losses
China’s state-owned oil companies have succeeded in raising domestic oil and gas production, but their refining businesses are being squeezed
China’s three NOCs continued to grow their E&P businesses strongly in H1 2024, but there were signs of weakness in downstream operations due to softer-than-expected fuel sales resulting from challenging economic conditions and greater use of cleaner transport. China’s central government has pushed its state-controlled oil and gas giants—PetroChina, Sinopec and CNOOC to invest heavily in production to help the nation meet energy security goals amid rising geopolitical tensions. The firms were responsible for 93% of domestic oil output in H1, and their focus on this combined with higher international oil prices drove their combined net profit for the period 10.3% higher than a year ago, to
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
