China's Oil Dream Dims as State Giants Cut Capex by $19 Billion
- Big three producers cut spending, led by PetroChina’s 32%
- China’s leaders had pushed oil majors for more domestic output
Photographer: Kevin Lee/Bloomberg
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Despite marching orders from China’s top leader Xi Jinping to maximize oil and gas production, the energy sector is bending to the reality of the pandemic-fueled market collapse.