Moody’s: Oil will average $75 in 2010
Oil prices will average $75 per barrel (bbl) in 2010, following rising growth in global oil consumption, fuelled by buoyant demand in developing economies, led by China, says rating agency Moody’s.
According to Moody's EMEA Oil & Gas Industry Outlook 2010 report, a recovery in oil prices will also be underpinned by an expected uptick in demand, supported by "the gradual economic upturn that is expected for 2010".
Moody's revised its outlook for the global integrated oil and gas industry to stable from negative in early December 2009.
"The revised outlook reflects our view that operating profitability and cashflow generation of the integrated majors has reached its lowest point and is
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