China National Petroleum Corporation, China's largest oil producer and supplier, says its net profit is 16 times higher than expected during the first half of 2017, reaching nine billion ($1.33 billion) to 11 billion yuan.

According to an early announcement on earnings released by the company on Wednesday, net profit during the first six months of this year rose 1,600 percent to 1,986 percent compared with the same period last year, which was 528 million yuan.

The company attributed the drastic boost to a moderate recovery of the world economy and an increase in international oil prices.

The company's optimization of manufacturing operation and expenditure reduction during the first six months also helped, it said.