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Credit rating agency Moody's Investors Service announced that its medium-term oil price range forecast was raised to $45/b to $65/b
as global inventories fell due to ongoing OPEC-led production constraints and strong global demand growth, offsetting rapid growth in U.
S.
shale production.
Moody's raised its medium-term oil price forecast to $45-65/b
Moody's forecast for North American natural gas prices remained at $2.
5-3.
5/MMBtu, while raising LNG prices to $20 to $30 per barrel, up from a previous forecast of $19 to $27 per barrel
.
"Higher oil prices will encourage supply increases
as U.
S.
production grows and countries reduce compliance with production quotas.
" Terry Marshall, senior vice president at Moody's, said: "Nevertheless, even if crude oil prices were in the high $45-65 range in early 2018, we expect prices to remain in this range in the medium term as there is a better balance
between production growth and demand growth.
”
Interim forecasts are considered the most relevant price considerations when evaluating the financial performance and ratings of corporate issuers and OPEC members
.
Oil prices have been firm since OPEC agreed in November 2016 to cut 1.
2 million barrels per day, while non-OPEC members, led by Russia, agreed to cut output by 558,000 b/d
.
Analysts say OPEC has achieved excellent production constraints
.
Falling global crude oil inventories have led to higher
oil prices.
While these factors have helped boost commodity prices, Moody's believes prices will remain range-bound and likely to fluctuate
as U.
S.
shale production increases.
，
Credit rating agency Moody's Investors Service announced that its medium-term oil price range forecast was raised to $45/b to $65/b
as global inventories fell due to ongoing OPEC-led production constraints and strong global demand growth, offsetting rapid growth in U.
S.
shale production.
Moody's raised its medium-term oil price forecast to $45-65/b
Moody's raised its medium-term oil price forecast to $45-65/bMoody's forecast for North American natural gas prices remained at $2.
5-3.
5/MMBtu, while raising LNG prices to $20 to $30 per barrel, up from a previous forecast of $19 to $27 per barrel
.
"Higher oil prices will encourage supply increases
as U.
S.
production grows and countries reduce compliance with production quotas.
" Terry Marshall, senior vice president at Moody's, said: "Nevertheless, even if crude oil prices were in the high $45-65 range in early 2018, we expect prices to remain in this range in the medium term as there is a better balance
between production growth and demand growth.
”
Interim forecasts are considered the most relevant price considerations when evaluating the financial performance and ratings of corporate issuers and OPEC members
.
Oil prices have been firm since OPEC agreed in November 2016 to cut 1.
2 million barrels per day, while non-OPEC members, led by Russia, agreed to cut output by 558,000 b/d
.
Analysts say OPEC has achieved excellent production constraints
.
Falling global crude oil inventories have led to higher
oil prices.
While these factors have helped boost commodity prices, Moody's believes prices will remain range-bound and likely to fluctuate
as U.
S.
shale production increases.
，
