BEIJING, Oct 28 Reuters Chinese refiner Sinopec posted a 52.1 yearonyear decline in net profit to 8.54 billion yuan 1.2 billion for the third quarter because of lower oil prices and weak refining margins.

The world39;s largest refiner by capacity, Sinopec39;s thirdquarter revenue was 790.4 billion yuan, down 9.8 from a year earlier, the company said in a stock market filing on Monday.

Also on Monday, domestic peer and offshore oil and gas major CNOOC Ltd reported a 9 increase in quarterly profit to 36.93 billion yuan as higher output offset lower prices.

Between January and September, Sinopec processed 190.69 million metric tons of crude oil, or 5.08 million barrels per day, down 1.6 from a year earlier, while refined fuel output fell 0.8 to 116.6 million tons.

Refinery output was dragged down by a drop in diesel production, which fell 10.7 to 43.29 million tons. Gasoline output rose 4.1 to 49.21 million tons and jet fuel gained 10.5 to 24.1 million tons.

Sales of refined fuels rose 0.6 yearonyear in the first nine months to 181.67 million tons. Of that, domestic sales made up 138.06 million tons, down 3.2.

The company said China39;s apparent consumption of gasoline, diesel and jet fuel fell 1 during the first nine months, dragged down by falling diesel demand. Domestic consumption of natural gas rose 9.5 during the period and ethylene consumption grew 3.9.

Sinopec also produced 211.29 million tons of crude oil during the first three quarters of 2024, up 0.3 on the…