The international rating Agency Moody’s for the first time in 2014 improved the Outlook for the oil sector and exploration and mining to stable from negative.
An improved Outlook is due to the expected recovery of prices for oil and natural gas, high efficiency business and the company’s efforts to reduce costs, reports RIA “Novosti”.
“Stress in the sector of exploration and production led to a rise in restructuring of debt and bankruptcies in 2015-2016, a new company was in a tough operating environment. But it is important that the efficiency and the termination of expensive production costs have been reduced,” — said Vice-President Moody’s Amol Joshi.
According to the forecast Agency, the sector will continue to restructure as long as prices for energy sources not stabiliziruemost.
Moody’s also expects the global oil sector is unlikely to generate sufficient operating cash flows to compensate for a decrease in capital expenditures and cash dividends until 2018.
World oil prices reference marks on Friday evening resumed its rise after mixed changes earlier in the course of today’s trading. So, as of 17:31 GMT, October futures for Brent on London’s ICE Futures exchange rose 0.52% to $46,28 per barrel. Quotes of WTI oil futures for November in electronic trading on the new York Mercantile exchange (NYMEX) by this time rose by 0.76% to $43,82 per barrel. The main U.S. grade finishes week the biggest gain since April.
