Russia and OPEC failed to agree on a plan to cut oil production in 2020, leading to the biggest one-day plunge in oil prices in 29 years and a potential price war. Photo: dpaRussia and OPEC failed to agree on a plan to cut oil production in 2020, leading to the biggest one-day plunge in oil prices in 29 years and a potential price war. Photo: dpa
Russia and OPEC failed to agree on a plan to cut oil production in 2020, leading to the biggest one-day plunge in oil prices in 29 years and a potential price war. Photo: dpa

Chinese oil giants face steep losses, set to cut production, dividends as Saudi Arabia stokes price war, analyst says

  • PetroChina, Sinopec may trim production by 2 to 3 per cent this year to limit losses as oil prices slip below their break-even levels
  • Shares of oil producers fell to multi-year lows after Saudi Arabia slashed oil prices, fanning price war concerns

Topic |   Energy
Russia and OPEC failed to agree on a plan to cut oil production in 2020, leading to the biggest one-day plunge in oil prices in 29 years and a potential price war. Photo: dpaRussia and OPEC failed to agree on a plan to cut oil production in 2020, leading to the biggest one-day plunge in oil prices in 29 years and a potential price war. Photo: dpa
Russia and OPEC failed to agree on a plan to cut oil production in 2020, leading to the biggest one-day plunge in oil prices in 29 years and a potential price war. Photo: dpa
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