Chinese offshore oil and gas major CNOOC believes that fossil fuel will be a stabilising factor in global energy demand for the foreseeable future, its president said on Thursday.

The company will focus its low-carbon investment on new energies with the best cost advantages, Zhou Xinhuai said at the company’s results briefing.

CNOOC said it expects oil prices to be in a range of $75 to $85 a barrel for second half of 2024.
Source: Reuters (Reporting by Chen Aizhu and Colleen Howe, Writing by Liz Lee, Editing by David Goodman)