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