CNOOC headquarters in Beijing. The company has warned of a ‘cold winter’ for the oil industry. (PA)
China’s three big oil companies are bracing themselves for more pain being inflicted on their bottom lines by global crude prices in 2015, after the country’s two biggest NOCs reported double-digit drops in their annual earnings as a result of last year’s oil market rout.
China National Offshore Oil Corp. (CNOOC), the last to report its results, said on Friday that a “cold winter” had settled over the global oil industry.
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