China National Offshore Oil Corp. said Friday a “harsh” climate for global oil prices in part led to a 39.9 percent decline in revenue for the first quarter. The company, China’s top offshore oil producer, said oil and gas sales revenue for the first quarter of the year dropped off substantially in part because of slumping global crude oil prices during the period. The price for Brent, the global crude oil benchmark, dipped below the $50 per barrel mark in early January, a value that was less than half its June 2014 high. Peer companies, from BP to oil services company Schlumberger, have cut spending or staff numbers in order to cope with the weak crude oil market. CNOOC said […]