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S&P lowers oil price forecast for 2016 and 2017

by ChemOrbis Editorial Team -
  • 10/02/2016 (15:01)
According to media reports, Standard & Poor’s (S&P) cut its Brent crude oil price forecasts for the current year and for 2017 to $40/barrel and $45/barrel, respectively.

S&P also lowered its credit for several major Asian energy firms, commenting that the companies’ efforts to reduce capital spending and costs would not be sufficient to stabilize their cash flow given the current lower oil prices.

Earlier, Moody’s had also warned of a “substantial risk” for a slow recovery in oil prices while downgrading its credit ratings for a number of energy companies across the world.
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