11-03-09 China National Petroleum Corp. (CNPC), parent of Hong Kong-listed PetroChina, will cut its oil and gas output this year from 2008 levels because of weak demand, Vice President Yu told at a meeting of the National People's Congress on March 7.
The domestic economy, which expanded 6.8 % in the fourth quarter, may grow 6.7 % in 2009, the smallest gain in almost two decades, according to the International Monetary Fund.

China National Petroleum will also lower the cost of oil and gas extraction by at least 5 % from a year earlier and reduce spending on projects by more than 10 %, the Beijing-based oil producer said.
While domestic oil exploration slowed, the Chinese government is encouraging its state oil companies to buy resources overseas.