New world of woes for trio of oil companies

Slumping crude prices prompting top giants to cut production and reduce operating costs, reports Bloomberg.

The big three oil companies are learning to live with idea that crude prices may not recover soon. China Petroleum & Chemical Corp (known as Sinopec), PetroChina Co and CNOOC Ltd are cutting spending and controlling costs to cope with crude's plunge in the past seven months that has already crimped 2014 earnings.

Fu Chengyu, chairman of Sinopec, said on Jan 15 that profit from exploration and refining "fell off the cliff" in the fourth quarter.