Net profits are expected to decrease significantly if crude oil prices remain low during the fourth quarter, one of China’s largest producers warned. PetroChina, one of the country’s top producers and refiners, reported what may be its worst quarter on record, with net income falling nearly 80 percent year-on-year to around $820 million. The company attributed the decline to weak global economic recovery, slow growth in China and low international crude oil prices. Twin crashes on the Chinese stock market in mid-summer were attributed to lingering weakness . The Chinese government has since intervened by manipulating the value of its currency and slashing interest rates in an effort to slow the decline. Chinese weakness drags on […]