PetroChina Sees Profits Soar Amid Oil Price Surge

PetroChina, China's largest oil and gas producer, has seen its profits soar despite the disruption to global energy flows caused by the US-Israeli war in Iran. The company reported a 22% jump in first-half net profit to 103.9 billion yuan ($15.4 billion) for the six months ended June.

The surge in oil prices amid geopolitical tensions in the Middle East has benefited PetroChina, with its average realised crude oil price rising 15.6% year on year to $76.53 per barrel. This helped operating profit in its oil, gas and new-energy segment climb 15.3% to 100.4 billion yuan.

However, PetroChina's total crude output fell by 2.8% to 462.9 million barrels during the period, mainly due to lower production from Middle East projects. Overseas output declined 14.2%, while domestic crude production slipped by just 0.5%.