Cnooc Succumbs to Crude Rout in First Output Cut Since '99

Updated on
  • Oil and gas production seen falling as much as 5% this year
  • Capital spending reduced by more than 10% to $9.1 billion

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.

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