In the first half of 2020, operating revenue of the domestic petroleum and chemical industry was down 11.9% YoY to RMB5.07 trillion. By sectors, the chemical sector achieved RMB2.93 trillion, down 10.5% YoY, better than the decrease of 13.1% YoY in the refining sector, operating revenue of which reached RMB1.61 trillion. Operating revenue was down 17.8% YoY to RMB418.69 billion in the petroleum and natural gas exploration and production sector.

Combined profits of the petroleum and chemical industry amounted to RMB141.6 billion in H1, down 58.8% YoY, shrinking 14.2 percentage points from the January-May decline. In detail, the petroleum and natural gas exploration and production sector made profits of RMB28 billion, down 72.2% YoY, four percentage points fewer than previous five months. The refining sector suffered losses of RMB24.4 billion, while profits in the chemical sector were down 32.6% YoY (down 8.9 percentage points) to RMB133.44 billion.

Crude oil output was 97.15 million tons and natural gas output was 94 billion cubic meters in H1, up 1.7% YoY and 10.3% YoY, respectively, both higher than growth in last year (0.8% and 9.8%). Crude oil processing volume reached 319 million tons, up 0.6% YoY. Apparent consumption of crude oil was up 7.6% YoY to 366 million tons, and that of natural gas was up 6.9% YoY to 159.42 billion cubic meters, showing signs of gradual recovery of demand for energy and raw materials.