Canadian Natural Resources reported a drop in third-quarter profit, impacted by lower production levels and a decline in global crude prices.
The dip in oil prices from July to September was driven by reduced demand from China, the world’s largest oil importer, alongside concerns of oversupply.
The company’s average realized price for exploration and production liquids fell to C$79.15 per barrel, down from C$87.83 per barrel in the same period last year.
For the quarter ending September 30, the Calgary-based company posted a net income of C$2.27 billion (US$1.63 billion), or C$1.06 per share, slightly down from C$2.34 billion, or C$1.06 per share, recorded a year prior.
