After chopping spending by almost one-third to cope with a crash in oil prices and billions in writedowns that sent profits to the weakest since last decade, China’s energy giants are cutting even deeper. (Bloomberg) — After chopping spending by almost one-third to cope with a crash in oil prices and billions in writedowns that sent profits to the weakest since last decade, China’s energy giants are cutting even deeper. PetroChina Co., Cnooc Ltd. and China Petroleum & Chemical Corp., which together produce more crude than any country in OPEC besides Saudi Arabia, will reduce combined capital expenditure by about 8 percent this year, or roughly 29.5 billion yuan ($4.6 billion). That’s after they cut almost 174 billion yuan from spending last year. “The Chinese oil giants will continue to cut,” Qiu Xiaofeng, chief oil analyst with China Galaxy Securities Co., said by phone from Shanghai. “If the oil […]