While the U.S. oil industry is in the throes of panic as demand has fallen out of the oil market, China is suffering its own oil crisis— resulting in capex cuts for its major oil giants that seek to derail the Asian nation’s ambitious plans to get a stronger foothold in the world’s oil market. China’s three largest state-run oil and gas companies—PetroChina, CNOOC, and Sinopec—are making significant cuts their 2020 spending plans as oil prices falter. CNOOC will cut capex this year by 11% over previously published figures. For 2020, CONOOC’s capex will fall to 75-85 billion yuan (US$10.6-12.0 billion). It will not only cut capex at home, but abroad as well, including across its operations in Canada and the United States. In the United States. PetroChina is planning an even bigger cut to spending this year, to $28 billion from $41.6 billion. That’s after a Q1 loss […]