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

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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
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