Two of Asia’s biggest state-owned oil producers are slashing capital spending and production plans, adding to evidence that persistently low global benchmarks may take a toll on supply this year. As WSJ's Brian Spegele and Yantoultra Ngui report:

Hard-charging state-owned oil companies were once bellwethers of economic growth across Asia, but now many are in retreat. Even firms with strong support of their governments are being forced to shrink as oil demand from China appears set to ebb further. Malaysian state oil firm Petroliam Nasional Bhd., or Petronas, will slash capital and operating spending by as much as...