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CNOOC succumbs to crude rout in first output cut since '99

It will produce 470m to 485m barrels of oil equivalent this year, down from 495m in '15

Hong Kong

CHINA'S largest offshore oil company will cut output for the first time in more than a decade, prompting speculation the nation's producers are succumbing to the global price war. Shares in Hong Kong fell to a six-year low on Wednesday.

CNOOC Ltd will produce 470 million