China's NOCs start to feel the pinch
The country’s oil giants aren’t in the rosiest financial health, but remain ready to scoop up assets elsewhere
The latest numbers from China’s national oil companies (NOCs) signal more pain ahead as they grapple with an international oil-price slump at the same time as demand softens for their product at home. But their appetite for foreign acquisitions lingers on. China’s big oil companies may all ultimately be controlled by the government and have the same goals – to produce or buy enough oil and gas to feed China’s economy while turning a healthy profit to keep investors happy – but they’re far from equal. While the big two oil companies – China National Petroleum Corporation (CNPC) and China Petroleum and Chemical Corporation (Sinopec) – saw their profits significantly dented last year, China Na
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
