Sinopec Books Lower Profit for 2024 on Oil Price Slide

Sinopec Books Lower Profit for 2024 on Oil Price Slide

China’s state oil major Sinopec reported a net profit of almost $7 billion for 2024, which represented a 16.8% decline on the year, attributed to lower oil prices and electric cars. “In 2024, international crude oil prices fluctuated downward, the domestic transportation industry accelerated the replacement of new energy ... (and) gross profit margin was significantly narrowed,” SInpec said in a filing with the Hong Kong Stock Exchange. “The com…

Sinopec profit declines 16pc

Sinopec's (0386) full-year profit tumbled 16 percent amid sluggish demand, with China's oil consumption likely nearing a peak. The country's biggest refiner's net income fell to 49 billion yuan (HK$52.56 billion) in 2024 from 58.3 billion yuan a year earlier, the company said in a filing yesterday,...

Sinopec Reports Slump in Full-Year Profit as Headwinds Mount

Sinopec’s full-year profit tumbled 16% amid sluggish demand, with China’s oil consumption likely nearing a peak.

Due to the peak of China's refined oil demand and weak consumption, Sinopec's revenue and net profit both declined in 2024, and many financial indicators deteriorated, reflecting the weakening profitability of the company's core business.

China's gas exploration achieves breakthrough with shale oil field

The Jiyang Shale Oil Field has officially received certification from the Ministry of Natural Resources for its proven reserves, marking a major development for China's oil and gas exploration sector, said Sinopec's Shengli Oilfield on Saturday.

Oil prices in 2025 would be US$7 per barrel lower than in 2024: Wood Mackenzie. Photo: taken from Freepik Wood Mackenzie's most recent report stated that estimates point to Brent oil prices (reference for Colombia) being on average US$73 per barrel in 2025; that is, US$7 less than in 2024. According to the most recent monthly outlook for Wood Mackenzie's oil market, the forecast of US$73 per barrel for this year is reviewed downwards at US$0.40 …