Cnooc's Fu Chengyu Says Oil Expected at $40 a Barrel, FT Says

By Howard Mustoe

Nov. 19 (Bloomberg) -- Cnooc Ltd. Chief Executive Officer Fu Chengyu said participants at a meeting of national oil companies expect oil to reach $40 per barrel, the Financial Times reported.

The consensus of the conference, held in Beijing, was that prices will fall and most investment projects would be canceled, the newspaper said, citing comments Fu made at a conference in Barcelona.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net.