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 to 485 million barrels of oil equivalent this year, slipping from 495 million in 2015, it said in a statement to the Hong Kong stock exchange on Tuesday. That would be the first decline since at least 1999. The company said it will chop spending to a maximum 60 billion yuan (S$13.1 billion) from last year's 67.2 billion yuan.
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