Sinopec

Asian refiners drive Dubai crude near $100 amid Middle East supply squeeze

The energy security architecture that Beijing has built since 2018 around its three state oil giants — Sinopec China Petroleum & Chemical Corporation, PetroChina, and CNOOC — is facing its most demanding test yet. With crude prices surging past $100…

China targets 70% EV sales by 2030 in new plan

China has set a target for electric and plug-in hybrid vehicles to account for 70% of all new passenger car sales by 2030, the centerpiece of a sweeping five-year automotive development plan released Friday by nine government agencies. The plan…

Sinopec projects China oil demand falling 8.9% in 2026

China's oil demand is expected to fall by 600,000 barrels a day in 2026, or 8.9% from the previous year, according to the research arm of Sinopec Group China Petroleum & Chemical Corporation, the country's top state-owned refiner. The forecast…

China’s independent refiners face crude supply crunch as US blockade chokes Iranian oil

China's independent oil refiners are bracing for further cuts to processing runs as a US naval blockade on Iran and Washington's broader sanctions campaign choke off the discounted crude supplies that have long sustained their operations.

China’s oil use drops 9% in Q2, driving CO2 down for the first time on falling petroleum demand

China's oil consumption fell 9% year-on-year in the second quarter of 2026, with transportation fuel use plunging 16%, according to data from the National Bureau of Statistics of China analyzed by Carbon Brief. The drop was steep enough to pull…

Chinese refiners pay record premiums for Russian crude as Iranian supply dries up

Chinese refiners are paying record premiums for Russia's East Siberia-Pacific Ocean crude blend as the loss of cheap Iranian barrels reshapes Asia's oil market. November-loading ESPO from Russia's Kozmino port is trading at more than $7 per barrel above Brent,…

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China demands rights in Venezuela after U.S. firm takes over oilfields

A U.S.-backed oil company will assume control of Venezuelan oil fields previously operated by Chinese and Russian firms, in a move that reshapes the energy landscape in Latin America and deepens Washington's grip on one of the world's largest crude…

Sinopec says China’s oil demand likely peaked in 2025

China Petroleum & Chemical Corporation, the world's largest refiner, reported a 19.3% increase in first-half net profit on Sunday and then delivered a landmark declaration on Monday: China's oil demand has likely already peaked.

China seeks decade-long LNG deals to cut Qatar reliance

As the Strait of Hormuz remains largely closed to commercial traffic amid the ongoing US-Iran conflict, countries across Asia and the Middle East are accelerating efforts to secure alternative energy supply routes, reshaping global trade patterns that have been in…

PetroChina, Sinopec weigh resuming Iran oil buys after U.S. waiver

China's major state-owned refiners are considering restarting purchases of Iranian crude oil for the first time since 2019, following a sweeping U.S. sanctions waiver issued this week, according to Reuters.