(Bloomberg) -- China’s largest refiner said it posted its biggest annual net income in about a decade on the back of the surging crude oil prices.

Sinopec’s preliminary net income rose 103% to 122% in 2021 from a year earlier, according to a statement Thursday. China’s economic recovery also helped boost its earnings, the oil major said.

Sinopec is the latest China oil giant to report robust results. PetroChina Co., the nation’s top oil and natural gas driller, said earlier this month that preliminary net for 2021 rose by 374% to 395%, its best performance in seven years.

The world’s biggest oil companies are benefiting from a recovery in crude prices, with the Brent benchmark this week hitting the highest since 2014. Brent rebounded to an average $71 a barrel in 2021 as vaccines let governments around the world lift harsh transportation restrictions that cut oil demand in 2020, when it averaged about $43 a barrel. 

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