Even China’s Big Oil Is Cutting Back

Financial Post | Mar 27, 2020 at 3:22 AM
  • Under the watchful eye of Beijing’s energy hawks, China’s oil and gas majors have splurged for more than a decade, first on deals abroad and then drilling at home.
  • Overseas, oil majors from Chevron Corp. to Saudi Aramco are cutting spending to preserve capital.
  • Overall, they project Chinese state-owned oil producers could cut spending by over a third, dragging production down 8% to 9%.