The oil giant Exxon Mobil significantly worsened the forecast for raw materials prices for the next seven years. The company predicts that the impact of the pandemic on the market will persist for many years, writes The Wall Street Journal .
Exxon has cut the expected level of oil prices by 11-17 percent. However, an Exxon spokesman declined to say exactly what the company expects. In 2019, the giant predicted that the average price of Brent would be around $ 62 over five years and rise to $ 72 in 2026-27.
However, in the summer of 2020, Exxon lowered its forecast to $ 50-55 per barrel over five years and $ 60 in 2026-27. The industry is facing increasing competition over renewable energy sources and electric vehicles, the newspaper writes. The oil market is also under pressure from tighter regulation aimed at combating climate change.
Because of the crisis, Exxon Mobil was forced into multibillion-dollar debt. In April, the company issued corporate bonds for the second time since mid-March. The latest issue raised $ 9.5 billion.