Sinopec's third-quarter profit rose 64% year-on-year to $2 billion, fueled by increased oil prices and higher revenues. The Chinese oil giant reported revenues of $115 billion, up 9.3% from the previous year. The company noted that its realized crude oil price increased to $81.92 per barrel, up from $66.38 in the same period last year. However, Sinopec faced challenges in fully capitalizing on global refining margins due to domestic demand issues.
October 29, 2026
Sinopec Profit Soars 64% on Rising Oil Prices
Sinopec reports a 64% jump in third-quarter profits driven by higher oil prices, despite weaker domestic demand.
Impact
The profit surge highlights Sinopec's strong performance amid rising oil prices, though domestic demand constraints may limit long-term gains.