China Oil Giants Suffer from Dropping Crude Prices

Despite rising output, China's major oil producers posted lackluster performance in the first half of the year weighed upon by dropping global crude prices, according to China's News Agency (Xinhua).

    China National Petroleum Corporation (CNPC) registered a nearly 97.9% decline in its net profit, making only 531 million yuan about( 80 million U.S. dollars), while China National Offshore Oil Corporation (CNOOC) saw a loss of 7.74 billion yuan.

    However, the oil yields of CNPC and CNOOC rose 1.7 percent and 0.6% year on year, respectively. Another oil giant, Sinopec Group has yet to release its half-year financial report.