PetroChina Co. has become the latest major global oil company to slash its spending plans for the coming year, after a global drop in oil prices led to a 17% fall in its 2014 net profit. The company is pledging to cut capital spending 8.8%, to 266 billion yuan this year, its lowest level since 2008. The planned spending cut by PetroChina, the nation’s biggest oil-and-gas producer by volume, follows similarly announced cuts by its rivals Sinopec Corp. and Cnooc Ltd. “In 2015, the global economy is expected to continue to recover at a low speed, subject to some unstableness and uncertainties,” PetroChina said in its Thursday filing with the Hong Kong Stock Exchange. The company has been a […]