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Big oil's shrinking in China has more to go as spending lags

Three major Chinese oil producers are hesitant when it comes to spending, which looks set to make oil production remain at a sluggish level. Bloomberg calculations show that domestic crude output has slumped 6 percent in the past nine months.

BY AIBING GUP, BLOOMBERG

China's oil output slump shows no signs of abating as the country's state-run energy giants hold back spending to cope with the crash in prices.

China's Big Three producers, led by  PetroChina Co., have spent about half of their 2016 capital-expenditure targets in the first nine months of the year, according to operational data released last week by the companies. Their domestic crude output has slumped 6 percent over that period amid the cutbacks, Bloomberg calculations show. China Petroleum & Chemical Corp., known as Sinopec, has seen the largest production declines and spent the least so far this year.

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