China National Petroleum Corp. said it will cut capital spending this year by more than 20 percent and sees domestic crude production slipping as the country’s biggest oil and gas company looks to shore up profit amid the energy downturn. CNPC aims to produce 108 million metric tons of crude domestically this year, a decline from a year ago of about 3.2 million tons, or 2.9 percent, Su Jun, general manager of the production and operation department of the state oil company, said in an interview on Sunday. It has decided to cut capital spending this year by about 23 percent, Su said, without providing a total amount. The state-run energy giant is facing “unprecedented” pressure from lower oil prices, according to Su. “We have to cut capital spending and output to sustain profit and maintain positive cash flow.” CNPC and listed-unit PetroChina Co. have struggled to survive low […]