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Coronavirus and low prices dash Chinese oil majors' plans for 2020

Sharp cut in capex expected as impairment risk looms

The coronavirus and plunging oil prices have forced China's oil majors to rethink their capital expenditure plans for 2020.   © Reuters

TOKYO -- All three of China's major oil producers have suggested they will slash capital expenditure this year as the novel coronavirus outbreak and plunging oil prices play havoc with their planning and raise the risk of impairment losses across the industry.

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