April 29, 2020 / 9:40 AM / a month ago

China CNOOC sees Brent at $30-$40/bbl, to cut Canada, U.S. output

SINGAPORE, April 29 (Reuters) - China's offshore oil and gas major CNOOC Ltd expects Brent crude oil prices to average $30 to $40 per barrel this year, a company executive said on Wednesday.

The state-controlled firm will produce at the lowest level in high-cost projects such as oil sands in Canada and shale gas operations in the United States.

Reporting by Muyu Xu in Beijing and Chen Aizhu in Singapore; editing by Jason Neely

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