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By P.R. Venkat and Jason Chau
China Petroleum & Chemical Corp. reported a marginal decline in net profit in the third quarter, with revenue weighed by inventory losses due to lower crude oil prices and domestic product sales.
The Chinese state-owned energy giant, better known as Sinopec, posted a 0.5% decline in profit to 8.50 billion yuan, equivalent to $1.20 billion, for the quarter ending September.
Revenue fell nearly 11% from a year earlier to CNY704.39 billion, Sinopec said late Wednesday.
The oil-and-gas company said that domestic sales volumes of gasoline and diesel declined, and gross margins for products such as jet fuel and aromatics were also weak.
Sinopec, which is China's biggest oil refiner, has been under pressure from waning demand for fossil fuels and weak prices.
Brent crude oil prices averaged $70.9 a barrel in the first three quarters, down 14.4% from a year earlier, Sinopec said.
The oil market has been in surplus since the start of the year amid slower demand growth and a rapid increase in supplies, the International Energy Agency said in a report this month.
Crude prices have fluctuated around $70 per barrel so far in 2025.
Write to P.R. Venkat at venkat.pr@wsj.com and Jason Chau at jason.chau@wsj.com
(END) Dow Jones Newswires
10-29-25 2125ET
