The plunge in international oil prices has indeed had a certain impact on PetroChina's profits, but this impact is not fatal. Especially under the protection of the "floor price", the impact of the collapse of international oil prices on PetroChina is minimal, and it may even earn more. Composition of China's Crude Oil Supply Currently, my country's crude oil supply consists of two parts: imported and self-produced, of which the imported part accounts for about 70% and the self-produced part accounts for about 30%. Affected by my country's topography and oil product quality, the cost of domestic oil extraction is relatively high. The current opening cost per barrel is between US$43-55. China's domestic refined oil pricing is based on international crude oil prices. Therefore, once the international crude oil price plummets, such as the current price of about 20 US dollars per barrel, and the domestic self-produced part is also priced at this price, then the self-produced part will suffer losses. The more international oil prices fall, the more losses the self-produced part will suffer. In order to protect the domestically produced part, China has set a "floor price" for crude oil. That is, no matter how much the international oil price drops, domestic refined oil products will be priced at the lowest crude oil cost of US$40 per barrel. According to this regulation, although there is still a loss for the domestically produced part, the loss is not big, that is, the maximum loss for a barrel is US$10, but for the imported part, it is possible to make a big profit, because the imported part may be US$20/barrel. barrel, but priced at US$40/barrel. What's more, China's import proportion is higher than its export proportion, so the international oil price plummeted even more sharply. For PetroChina and Sinopec, they will make more money and there will be no so-called survival at all. Of course, if the international oil price hovers in the range of 35-40 US dollars for a long time, two barrels of oil will indeed lose money, but as long as the time is not long-term, the profits in other periods can still make up for the losses in this period. This can be seen from the profit data of three barrels of oil in 2016. International oil prices continued to fall in 2016, reaching a minimum of US$26/barrel. Also in this year, China introduced “floor price” protection measures. Affected by low oil prices that year, Three Barrels' revenue and profits declined to a certain extent, but there was no loss throughout the year. This is largely because oil prices initially fell below $40 in 2016. Abstract With the international oil price plummeting, PetroChina and Sinopec have not yet reached the critical point of life and death. At most, you will make less money.

Furthermore, considering the status of PetroChina and Sinopec, do you think the country will not come to rescue them if they are really in danger of survival? /feed/342ac65c10385343f3339c0b0b782478cb808889.jpeg?token=542cac3211d2d3dc6c1a695804a02e5c&s=FF187081CC8578DA061145C20300E0B2