CNOOC expects oil price drop in 2H

Mark Qiu, Senior Vice-President and Chief Financial Officer of CNOOC (0883), said he expected the oil price will be around US$22-28 per barrel for the whole year. He predicted there would be a decline in oil price in the second half from the first half, but it will be unlikely for the average oil price to sink below US$25 per barrel due to the OPEC¡¦s strict monitor of oil output.

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