PetroChina's H1 profit up 22 percent

PetroChina achieved a 22% increase in its profits in the first half of the year, with net earnings reaching 103.9 billion yuan ($15.4 billion) compared to 85.2 billion yuan in the same period last year. Revenue also rose by 5.3%, supported by increasing global energy prices. The average price of Brent crude oil climbed to around $87 per barrel between January and June, reaching its highest levels in four years at over $126 in April amidst ongoing tensions and war in the region. China also expects oil imports to recover as stockpiles are built up, but rising oil prices are increasing refining costs. Meanwhile, the government is imposing export and price restrictions to protect the economy from inflation.

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