Weak demand for refined oil, gas hits CNOOC, PetroChina

Industry sees prices under pressure amid continued uncertain economy

Leading oil and natural gas companies PetroChina Co Ltd and CNOOC Ltd reported first-half results on Thursday that reflected weaker demand for refined products.

CNOOC, the largest domestic offshore oil and gas producer, recorded a 2.3 percent year-on-year decline in first-half net profit to 33.6 billion yuan ($5.47 billion).