Monday, December 1, 2014

It was inevitable, but it still hurts!

Moody’s Investors Service forecasts falling crude prices will dampened exploration & production spending in 2015, as new projects are based on $80/bbl oil. As expected, they attribute the slump in oil prices to the failure of global demand in keeping up with strong production growth. In their report, Moody’s predicts:
• Independent producers will cut capital investment by 20% from 2014 levels
• Production will grow in 2015-16 for most integrated companies as large projects come on stream
• Refiners will benefit from discounted crudes and lower energy costs

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