China’s Oil Majors Post Record Profits on Surging Fuel Prices

The trio cautioned that the global economy faces threats from stagflation and geopolitical tensions. Photo: Bloomberg

(Bloomberg) — Covid lockdowns, a property market crisis and a struggling domestic economy weren’t enough to slow down China’s oil giants as they posted record first half profits.

PetroChina Co. Ltd., China Petroleum & Chemical Corp (Sinopec), and CNOOC Ltd. each said they made historic amounts of money in the January-to-June period as surging prices for the oil and gas they produce outweighed higher import costs and sputtering domestic fuel consumption.