With their eyes on long-term diversification of domestic energy supplies, Chinese oil giants will maintain their shale gas exploration drive this year even as global crude prices have tumbled.
ConocoPhillips Co: plans to cut capital expenditure by 20 percent to $13.5 billion, cut spending on upstream exploration by 23 percent to $5 billion in 2015
China's crude imports surged to a record in December after a buying spree in Singapore by a State-owned trader and as the government in Beijing accelerated stockpiling amid the collapse in global oil prices.
Industry experts are predicting losses in the upstream exploration activities of China's top three oil giants this year, as a result of the plunge in global oil prices.
Under pressure from a plunge in world oil prices that began in June, small local refineries that were already grappling with a glutted market have seen their profits almost evaporate, and some may even close, industry sources said.
Month after month, US hiring keeps rising, and unemployment keeps falling. Eventually, pay and inflation are supposed to start surging in response.
Brazil is getting dry again and the coffee bulls are back.
An ad by McDonald's is testing the fine line companies need to walk when referencing national tragedies.
The North American International Auto Show begins this week in Detroit with media and industry previews. It opens to the public on Saturday.
China is likely to see the first case of a default by a local government financing vehicle this year, said Zhang Zhiwei, chief China economist with Deutsche Bank AG.
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