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China state-owned oil company to reduce production and cut capital spending

Discussion in 'Market News' started by ForexLive, Jan 19, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
    Likes Received:
    One of the first signs of lower production CNOOC plans to reduce production to 470m to 485m barrels of oil equivalent this year, compared to 495m last year. They also unveiled plans to reduce capital spending by 10% to 'no more' than 60B yuan in 2016.

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