Chinese Energy Giant CNOOC Reports Major Drop In Revenue

CNOOC, the Chinese state energy giant focused on offshore and overseas exploration and production, reported a 27-percent drop in revenues for the third quarter, as quoted by Reuters, as business got pressured by low oil prices. Production of oil increased during the reporting period, but the price war started by Saudi Arabia in early spring, and the effects of the coronavirus pandemic on oil demand had a severe effect on sales. The realized oil prices of CNOOC averaged $43.03 a barrel during the third quarter, the company said in a regulatory filing,…