In Depth: Cheap Oil Hasn’t Been Good for the World’s Largest Crude Importer

You might think that an unprecedented collapse in crude oil prices would be great news for the state-run oil companies of the world’s largest importer of the fossil fuel.

But you would be wrong.

China’s three state-owned oil majors remain stuck on course to boost oil production despite the titanic shift in the oil market that has accompanied the recent plunge in crude prices, during which the U.S. benchmark price briefly turned negative.