China state-owned oil giant PetroChina posted record first-half profits as higher global oil and gas prices outweighed Crude oil throughput down 1.4% and fuel sales down 11.1% in China. China’s oil demand fell to near a two-year low in July. The result follows strong first-half results came after fellow state-owned oil giant Cnooc Ltd. profits. Sinopec is state owned by the Chinese Government Big oil rivals also delivered record profits. Saudi Aramco Oil, The UK’s BP, Netherland’s Shell, America’s ExxonMobil, the largest … Continue reading “PetroChina Profit Soars to Record Despite Fuel Sales Down 11.1% in China”
Oil analysts speculate over OPEC capabilities, shale production and product demand in hopeful scenarios to satisfy a bullish investor environment. The reality is with the U.S. shale presence Russia and Saudi Arabia exports matter and Chinese oil refineries are the prize.