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Fitch Downgrades Global Oil & Gas Industry Outlook to 'Deteriorating'
Recommend 45 Positive 82 Negative 32 |
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In light of pressures from the US tariffs, OPEC+ production increases, and rising supply from non-OPEC+ countries, rating agency Fitch has downgraded the outlook for the global oil and gas industry this year from "Neutral" to "Deteriorating". However, this has a limited impact on individual issuers' ratings as their balance sheets have been established after a period of high oil prices and strict capital discipline. In Fitch's current estimates, global oil demand will grow by about 800,000 barrels per day this year, lower than the previous forecast of slightly over 1 million barrels. With the accelerated supply growth implying a continued market oversupply, it also cut its oil price forecast for this year from USD70 per barrel in April to USD65 per barrel. AAStocks Financial News |
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