Core Insights - China National Petroleum Corporation (CNPC) reported a decline in both revenue and net profit for the first half of the year, marking the first such occurrence in five years [1] Financial Performance - The company's revenue decreased by 6.7% year-on-year to 1.45 trillion yuan [1] - Net profit attributable to shareholders fell by 5.4% year-on-year to 84.01 billion yuan [1] Sales and Pricing Trends - Half of the eight major products sold externally experienced a decline in sales volume [1] - Average selling prices for six major products also dropped, with significant declines in kerosene, crude oil, diesel, and gasoline [1] - Crude oil and diesel average selling prices fell by 12.3% and 9.4% respectively, reaching 3,690 yuan/ton and 6,213 yuan/ton [1] Market Conditions - The global oil market is characterized by a loose supply-demand balance, leading to a decrease in international crude oil prices [1] - The average Brent crude oil spot price fell by 14.5% year-on-year to $71.87 per barrel, while WTI spot price decreased by 14.4% to $67.6 per barrel [1] - Domestic consumption of gasoline and diesel continues to be suppressed due to increased competition from alternative energy sources [1] - Prices of major chemical products have also declined due to the drop in international oil prices, resulting in low production profits [1]