US energy giants ExxonMobil and Chevron reported soaring second-quarter profits on Friday, driven by higher oil prices resulting from the prolonged Middle East conflict.
ExxonMobil posted a profit of 14.525 billion US dollars in Q2, significantly up from 4.183 billion dollars in Q1 and 7.082 billion dollars a year earlier.
Despite disruptions to its upstream operations in the Middle East, the company's upstream output, excluding the region, hit a over two-decade high, according to the energy giant.
Chevron's Q2 profit reached 12.072 billion dollars, sharply rising from 2.21 billion dollars in Q1 and 2.49 billion dollars a year ago. The company attributed the annual profit growth to reliable operations, higher commodity prices, increased margins on refined product sales, and higher volumes.
US oil giants post bumper Q2 earnings as Middle East turmoils prolong
Slovak President Peter Pellegrini on Wednesday commended China’s global initiatives for advancing development and peace, and stressed that Chinese technology should be judged by standards rather than origin.
This year marks the fifth anniversary of the Global Development Initiative proposed by Chinese President Xi Jinping. Over the past five years, it has attracted the participation of 130 countries and international organizations, including Slovakia.
During his state visit to China from Monday to Wednesday, Pellegrini told China Media Group that the country's global initiatives are reshaping development and peace efforts, positioning Slovakia to play a role in the emerging cooperation network .
"I think the characteristic is exactly the two words: development and world peace. When we speak about the Belt and Road Initiative, Slovakia from the geographic point of view is, I think, at the right position to be part of this logistic network from China or the eastern part of the world to the western part. I would like that Slovakia for the future will be part of this logistic network, and I really appreciate and support this kind of initiatives," Pellegrini said.
Pellegrini called for fair treatment of Chinese technology, stressing it should be assessed by security standards rather than dismissed for its origin.
"In reality, I see these activities of the Chinese president and China to try to create again groups of countries or to connect again leaders to speak about really development, peace, new possibilities, new areas of cooperation, to avoid maybe the other type of politics in this moment, which are looking more for conflicts, more confrontation, and this kind of things. So I think it's very helpful, of course. Okay, there are different views on that. And many, I have to say, in the European Union are afraid a little bit. When they see China and they think, okay, maybe we should not cooperate too much with them," Pellegrini said.
"My position is always, and I presented it to Mr. President Xi Jinping, that I really do not agree when somebody is telling that some technology should be not used because it's coming from China. I say, sorry guys, we have to make a specification of security, and whatever technical specification of technology, and it doesn't matter from where technology is coming. If it is in compliance with these rules, the market should be open," he said.
Slovak president backs China’s initiatives, rejects bias on technology
