Because China's dependence on foreign crude oil is as high as 60%, Sinopec and PetroChina have to rely on imported oil to maintain normal production and operation. The size of future losses depends only on how they operate in the futures market.

Sinopec's refining, chemical and sales businesses account for more than 70%, and the upstream sector accounts for a relatively small proportion, so the impact should be small. When the oil price is high, PetroChina, which has the advantage of upstream business, can rely on the rise of international oil price to obtain rich profits; When the oil price falls, the comparative advantage of Sinopec will be reflected.