China’s oil giants move to prop up shares amid fears of global crude price slump

The rare coordinated share buybacks by China’s “big three” oil majorsPetroChina, Sinopec, and CNOOC—reflect mounting concern among policymakers and state firms over plunging valuations and weakening investor sentiment amid falling crude prices and global economic uncertainty.

PetroChina, Sinopec and CNOOC logos.
PetroChina, Sinopec and CNOOC logos.Photo: XU YIHE/UPSTREAM
Published 9 April 2025, 02:34Updated 25 April 2025, 08:13
SinopecPetroChinaCNOOCChinaEast Asia