China’s NOCs Take a Beating in Stock Market

摘要

Shares of China National Offshore Oil Corp. Ltd. (CNOOC Ltd.) have been hammered this week, giving the upstream-focused company a taste of the same medicine that downstream-focused rivals PetroChina and Sinopec Corp. have been swallowing since January. As major refiners, PetroChina and Sinopec had already seen their shares hit by the big drop in China’s demand for oil products as much of the country went into lockdown to battle the coronavirus.