Oil Groups Expect $40 Barrel – CNOOC Head

From The Financial Times:

The world’s national oil companies expect oil prices to fall further and will cancel most planned investment projects even at current levels, according to the head of a Chinese state-owned group.

A recent meeting of the national oil companies in Beijing had predicted oil prices would fall to about $40 a barrel, Fu Chengyu, chief executive of China National Offshore Oil Corporation, told a conference in Barcelona.

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