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Australia-listed Oil Search Ltd on Tuesday reported a 38% jump in its quarterly revenue and reaffirmed its annual production forecast, as rebounding demand for travel and industrial activity from reopening of economies strengthen oil prices.
Crude prices have soared more than 50% this year, fueling optimism about global oil demand returning to its pre-pandemic levels by next year.
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listed Oil Search quarterly revenue jumps on rebounding oil demand Back to video
This boosted the Papua New Guinea-focused firm’s operating revenue to $366.2 million for the quarter ended June 30, up from $266.2 million a year earlier.