High Fuel Prices Drive Record Profits For Chinese Oil Giants

China’s state oil majors reported record profits for the first half of the year thanks to a rally in fuel prices, Bloomberg has reported, citing figures for PetroChina, Sinopec, and CNOOC. The profits of PetroChina and CNOOC combined hit $21.58 billion for the period, Chinese media reported, noting the number was close to the two companies’ total earnings for 2021. CNOOC’s profit alone was almost twice as high as its profit for the first half of 2021, at $10.5 billion. Sinopec reported a 10-percent increase in first-half profits,…