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Moody’s lowers its oil prices forecast on oversupply concerns

by ChemOrbis Editorial Team - content@chemorbis.com
  • 25/01/2016 (11:20)
According to media reports, Moody’s cut its price forecast for both Brent and WTI crude oil futures to $33/bbl for 2016, down $10/barrel for Brent and $7/barrel down for WTI compared with its previous estimates. Moody’s expects that both prices will rise by $5/barrel on average in 2017 and 2018.

According to the credit agency, oversupply issues remain in place and will continue to outweigh demand growth this year. In addition, Moody’s stated that Iran’s return to the oil market will be more than compensate for supply reductions stemming from slower production in the United States.

Meanwhile, Moody’s kept its estimates for North American natural gas prices unchanged at $2.25 per million British thermal units (MMBtu) for 2016 while the agency also maintained its price estimates for natural gas liquids at $12/barrel of oil equivalent (boe) in 2016, $13.50 per boe in 2017 and $15 per boe in 2018.
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