The integrated PetroChina targets lifting oil and gas output by 2.5% year on year in 2023 and raising crude throughput by 6.6% amid domestic demand recovery, but will cut capital expenditure by 11.2%, the listed company said in its 2022 financial results released late March 29. “China’s domestic oil product demand will recover in 2023, but intensive competition remains,” PetroChina Chairman Dai Houliang said in the report. All kinds of uncertainties in the global market could also widen the range of international oil price movements, he added.
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