CNOOC Posts Record Profit as China Pumps More Oil at Home
China’s push to squeeze more oil and gas from home is paying off just as imported energy becomes more geopolitically complicated. CNOOC posted record first-half profit and production on Wednesday, helped by higher oil prices following the Iran war and continued growth from its offshore fields. Net p
Source: OilPrice.com
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DW NOTE
CNOOC's record profit tells you everything about Beijing's energy strategy under the Hormuz blockade: they're drilling furiously at home while global supply is down 4.3 million barrels per day and Strait traffic has collapsed to 130 ships daily. When you can't reliably import, you extract — profit margins be damned.