Bloomberg Despite marching orders from China’s top leader Xi Jinping to maximize oil and gas production, the energy sector is bending to the reality of the coronavirus pandemic-fuelled market collapse. The nation’s three biggest state producers will slash their spending plans this year by a combined $19 billion, with PetroChina Co.’s 32% chop leading the way, the fattest among global …

Bloomberg The euro-area economy plunged into a record contraction, an outcome that will only add more urgency to controversial demands for joint government fiscal support. Output in the 19-country region shrank 3.8%, reflecting shutdowns to contain the coronavirus that have pushed businesses close to collapse, sent unemployment surging and forced governments to unleash billions of euros in emergency stimulus. Italy, …

Bloomberg New leadership at Petroleos de Venezuela SA is considering a major overhaul that could see the company streamlining its oil business and even forsaking decades of state monopoly, according to people familiar with the matter. The proposal, outlined in a document seen by Bloomberg and dated March 2020, was devised by newly appointed PDVSA head Asdrubal Chavez, who is …