China’s biggest state-owned oil and gas corporations reported this week record-high profits, but the outperforming upstream divisions at all majors masked their weak refining businesses which reflected tepid Chinese fuel demand. China’s crude oil imports fell by 2.4% between January and July compared to the same period of 2023.
Oil imports in July were down by 12% from June and by % from July 2023, raising concerns about the country's economic health and future oil demand. The earnings reports of the top Chinese oil and gas firms, Sinopec,…Earnings at China’s State Majors Signal Tepid Demand for Oil Imports
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