Cnooc Profits Slip Amid Falling Oil Prices and Muted Demand (1)

China’s Cnooc Ltd. saw profits slump in the first half of the year as oil prices tumbled amid tariff volatility and muted demand in its domestic market.

The nation’s largest offshore oil driller reported net income of 69.5 billion yuan ($9.7 billion), compared to 80 billion yuan a year earlier, according to an exchange filing on Wednesday. The global oil benchmark Brent averaged about $71 a barrel from January to June, compared to more than $83 in the same period in 2024.

Crude prices have weakened as traders worry about the global economic fallout of US tariff threats, while the ...