Lixin Ren's questions to PETROCHINA CO (PCCYF) leadership • Q2 2022
Question
Lixin Ren from Haitong Securities inquired about the supply and demand dynamics in the international oil and gas markets, including price assumptions, and asked about the specific impact of COVID-19 on PetroChina's production and operations.
Answer
Senior Vice President Ren Lixin stated that global crude demand growth is below expectations due to economic slowdowns, with prices fluctuating at high levels. He anticipates international LNG spot prices will remain elevated in the near term before trending down. He acknowledged that COVID-19 contributed to a 6.1% year-over-year decline in PetroChina's refined oil sales volume, but noted a substantial increase of over 10% in diesel sales. The company managed these challenges by adjusting resource allocation and product structures to ensure stable operations.