World Oil Market Chronology

CNOOC revenue falls 1.8pc on stronger yuan

Sales decline to 18.26b yuan in the third quarter

Wednesday, 31 October, 2007, 12:00am

Fuel prices still stable

The mainland's top economic policy setter said the country's biggest oil companies - China National Petroleum Corp (CNPC) and China Petroleum & Chemical Corp (Sinopec) - have not asked the government to raise fuel prices to reflect the increased crude oil costs.

5 Sep 2007 - 12:00am

NDRC in a bind over energy prices

An official of the National Development and Reform Commission has suggested the NDRC is unlikely to raise fuel prices and power tariffs soon, dashing hopes for a short-term relief for oil refiners and electricity suppliers suffering from rising costs.

26 Jul 2007 - 12:00am

Sinopec sees soaring profits

China Petroleum & Chemical Corp (Sinopec), the world's third-largest oil refiner by capacity, expects first-quarter earnings to surge more than 50 per cent, after reporting a better than expected 30 per cent jump in net profit last year.

11 Apr 2007 - 12:00am

Oil firms hit with windfall tax

Mainland refiners face levy of 20pc to 40pc when price of crude surges past US$40

Mainland oil companies have been hit with a windfall tax of between 20 per cent and 40 per cent every time the price of a barrel of crude oil goes above US$40.

4 Apr 2006 - 12:00am

Balancing refiners' concern against public's interest a tough act

DESPITE CHINA BEING touted by the government as having a socialist-style market economy after two decades of economic reform, some industries are still operating in a planned economy with few free market characteristics.

23 Aug 2005 - 12:00am

Exports rise but expert sees tougher times ahead

The value of Hong Kong's tangible exports registered a 20.9 per cent leap in August compared to the same month last year. But an industry insider warns of leaner times ahead with world oil prices rising.

Hong Kong exported goods worth $182.74 billion last month, compared to $151.17 billion in August last year. The figures exclude the export of services.

28 Sep 2004 - 12:00am

PetroChina oil, gas output rises 2.2pc

Oil and gas output rose 2.2 per cent at PetroChina last year, while its realised price on oil sales surged 20.95 per cent.

This would mean a 21.21 per cent rise in oil and gas sales to US$22.39 billion, assuming the company sold everything it produced and did not dip into inventories for sales.

16 Jan 2004 - 12:00am

Cuts to oil exports considered

The mainland may reduce crude-oil exports to prevent its high-cost producers from losing money amid low international prices, the China Daily Business Weekly reported yesterday. 'The country is ready to reduce crude-oil exports because international oil prices are so low that more exports mean more losses,' it said.

15 Feb 1999 - 12:00am

Crude prices head towards 12-year lows

Oil markets lurched lower yesterday, extending a dramatic collapse which has wiped 13 per cent from already battered prices in just two days.

Brent blend crude oil stood at US$9.98 a barrel in late afternoon trade, losing a further 11 cents on top of Thursday's $1.20 slump despite rebounding to $10.35 earlier.

19 Dec 1998 - 12:00am

Oil and gas quotas on target

The mainland fulfilled oil and gas quota targets by recovering more than 78 million tonnes of crude oil and 7.2 billion cubic measure of natural gas during the first six months of the year, including both onshore and offshore production.

29 Jul 1998 - 12:00am

Crude output declines 1.5pc

The mainland produced 65.89 million tonnes of crude oil in the first five months of this year, down 1.5 per cent year on year, the State Statistical Bureau said yesterday. Crude oil output last month alone was 13.56 million tonnes. Natural gas output was 9.08 billion cubic metres from January to May, 0.5 per cent down year on year.

27 Jun 1998 - 12:00am

Producers cut output as oil-price fall bites

The sharp fall in world oil prices this year has driven mainland oil producers into the red.

The Economic Daily reported yesterday that producers had been forced to cut production as stocks piled up, revealing a weakness due to a lack of strategic reserves.

22 May 1998 - 12:00am

Not consumer-friendly attitude

THE 10 cents reduction of petrol prices announced in the South China Morning Post on Thursday, November 25, by Shell and ESSO cannot possibly be enough.

Crude oil is now down to just over US$14 per barrel, when last December it was still around $20.

4 Dec 1993 - 12:00am