• Sat
  • Sep 20, 2014
  • Updated: 11:36am

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

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