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China Petroleum & Chemical Corp. (SNP) is a China-based energy and chemical company that explores for and distributes crude oil and natural gas, and manages chemical operations. The company processes and refines crude oil and offers gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers through wholesale and retail sales networks.
The rapid recovery of major economies combined with continued supply cuts by the world’s major oil producers have led to a boost in oil prices, which hit a $72.66 per barrel two-year high on Wednesday. As coronavirus infection rates in major oil consuming emerging markets such as India and Brazil decline, OPEC+ expects oil demand to rise by six million barrels per day in 2021. The global oil & gas upstream activities market is expected to grow 26.6% to reach $3.34 trillion in 2021. Consequently, we think both XOM and SNP should benefit substantially in the coming months.
