PetroChina, the largest oil and gas producer in Asia, predicts that its commercial profit will reach over $3 billion (approximately 20 billion yuan) in 2026. Recent crises in the Middle East, including tensions in the Strait of Hormuz, have led to rising oil prices and significant volatility in global fuel markets.
Details of PetroChina's Commercial Profit
Anonymous trading sources have reported that PetroChina will achieve this record-breaking profit in the sectors of crude oil, fuels, and LNG (liquefied natural gas). Although PetroChina and other major oil and gas companies typically do not report their commercial profits separately, these companies have emphasized that recent crises and rising prices have resulted in a significant increase in their commercial profits.
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Upstream and Downstream Operations of PetroChina
PetroChina has a large portfolio in upstream and downstream operations outside of China that has benefited from record margins. Crude oil and LNG trading have also increased due to high price volatility and arbitrage opportunities. In the first half of this year, PetroChina reported a record profit of $15.5 billion (approximately 103.94 billion yuan) for its shareholders, a 22% increase compared to last year.
Oil and Gas Market Situation in Europe
Ultimately, PetroChina is not the only one benefiting from these market fluctuations. Other major oil and gas companies in Europe have also reported strong commercial profits for the second quarter of 2026 and expect this trend to continue into the third quarter. For example, the French company TotalEnergies recently announced that it expects to report strong results for the third quarter, as the Middle East crisis has led to increased refining margins and LNG prices in a bullish market.
Shell also stated last week that its refining margin for the third quarter has nearly doubled and reached a record high. This high margin is expected to combine with strong commercial results and realization of high oil and gas prices to yield additional windfall profits for this major British oil company. Shell anticipates that its proposed refining margin for the third quarter will increase to $42 per barrel, up from $24 per barrel in the second quarter.
The Norwegian company Equinor also predicts that refining margins in Europe will be unusually strong, and optimization in third-party LNG trading will contribute to increased profits in marketing, midstream, and processing sectors. The company expects its profits to exceed $400 million.
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