PetroChina Profits Rise 22% in H1
PetroChina achieved a 22% increase in profits during the first half of the year, driven by rising global oil prices. The average price of Brent crude reached approximately $87 per barrel between January and June, the highest level in four years. The company benefited from a 5.3% increase in revenues from exploration and production activities. Its net income rose to 103.9 billion yuan ($15.4 billion), compared to 85.2 billion yuan in the first half of last year. Despite rising oil prices, prices remain volatile due to the ongoing war between the United States and Israel over Iran, with demand for oil possibly reaching its peak last year owing to Iran’s conflicts and China's efforts in clean energy. Additionally, government restrictions on fuel exports and measures to protect the economy from inflation continue to influence the market.
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