PetroChina Co., the country’s biggest oil and gas producer, expects its 2015 profit to have fallen 60 percent to 70 percent from a year earlier because of the slump in energy prices. The company sees the oil market continuing to be weak this year and is seeking to cut costs, it said in a statement to the Hong Kong stock exchange on Friday. PetroChina cited the fall in crude and lower domestic natural gas prices for the drop in earnings, estimates for which were compiled according to China Accounting Standards. The company reported net income of 107.2 billion yuan ($16.3 billion) for 2014. “As the price of international crude oil has declined significantly and the price of domestic natural gas has been driven down, a relatively large reduction in the company’s profit occurred,” PetroChina said in the release. “The market of international oil and gas is expected to continue […]