David Fickling, Columnist

China Oil Turns on Cash Taps

Sinopec and Cnooc are boosting budgets by more than global rivals. PetroChina is likely to follow.
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Recovering from a binge was never meant to be easy.

Five years after the oil industry's capital spending budget first neared the $500 billion mark, it's still not forecast to be much more than half that amount next year.