The recent domestic producers to cut output in international oil prices by OPEC is expected to reach an agreement to cut output and stabilized the occasion. So far this year, oil prices rebounded strongly, currently hovering at $52 / barrel level, but compared with the mid 2014 price level still fell more than 50%, which makes some of the upstream enterprises is still difficult to obtain profits.
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According to the oil official newspaper reported earlier this month, the Group Chairman Wang Yilin promised to adjust the company’s Crude oil production plan, strive to reduce inefficient output in the fourth quarter”. In addition, the oil companies of Sinopec petroleum engineering technology services company, because the industry price downturn, weak demand, net loss of 1 to September will reach 8 billion 900 million yuan ($1 billion 300 million).
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