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. “Low crude prices led to lower spending, and lower spending caused the lower output,” said Tian Miao, a Beijing-based analyst at North Square Blue Oak Ltd. “The only thing that can change the game is a substantial rebound in crude prices.” While output drops, crude imports have surged to all-time […]