Mainland China CNOOC oil giant targets first output cut for a decade


AFP

HONG KONG — Chinese state energy giant CNOOC has cut its targeted output for 2016, the first such move in over a decade, as fears grow over the health of the Chinese economy and plunging oil prices. China’s economy grew 6.9 percent last year, its slowest pace in a quarter of a century, while world oil prices are at their lowest for over 12 years. CNOOC, China’s largest offshore oil and gas producer, said Tuesday it targeted production of 470 million to 485 million barrels of oil equivalent, a drop from 495 million barrels in 2015.

It would be the first decline since 1999.