China’s Oil Giants Are Reeling From The Price Crash

If there is one sure thing about one of the worst oil price crashes in history, it is that not a single firm in the industry was immune to the collapse. Everyone is suffering: from small U.S. shale producers struggling to stay afloat to international oil majors cutting dividends, to national oil companies (NOCs) reducing investments to preserve cash while following government directives. China’s three state-controlled oil giants are no exception to this after the coronavirus and oil crisis swept across the industry just as Beijing had ordered…