Oil firms bleed from low crude prices

China's three major oil companies have little to gain from the lower global crude prices, according to industry analysts.

The low crude prices could dent the bottom lines of CNOOC and PetroChina this year, while oil refiner Sinopec may see lower production costs, but not better revenue, they said.

Officials at the three oil companies have all forecast that global oil prices would be hovering around the $50 per barrel mark for most of this year. Crude prices had touched a record high of $147 per barrel in July 2008.