OPEC+ deal reduces risks, problems still in sight – Fitch
Credit rating agency Fitch Ratings stated on Wednesday the OPEC+ oil output cut deal won’t reestablish the balance between supply and demand for crude, but should lower downside price risks and the chance of production shut-ins.
“The coordinated production cuts will mitigate, but not resolve the unprecedented demand fall, which is the main problem the industry faces,” Fitch claimed, estimating “the market rebalancing could take several years.”
Lastly, the agency asserted that all oil producers will benefit from oil production cuts.
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