The three state-owned Chinese oil majors PetroChina, Sinopec and CNOOC slashed their domestic exploration and production spending by a further 10 to 16 per cent in 2016 as oil priced halved. Photo: Reuters
Woe to oil: why China’s 2017 output will extend record decline
China to see more oil production declines on previous years’ investment cutbacks
The three state-owned Chinese oil majors PetroChina, Sinopec and CNOOC slashed their domestic exploration and production spending by a further 10 to 16 per cent in 2016 as oil priced halved. Photo: Reuters