Exxon Mobil has revised its oil price forecast for the 7-year period downward. The report of the concern says that there will be no soon recovery of commodity markets, which were under pressure from the coronavirus pandemic.
In the short term, a difficult situation will still be observed. Exxon Mobil believes that those oil prices, which were previously mentioned in the forecast, should be reduced by at least 11% or even 17%. At the same time, the company has not reported specific levels of oil prices that are expected within 7 years.
According to the latest Exxon Mobil forecast, which was published this summer, in 2021-2025 the cost of a barrel of oil will be in the range from 50 to 55 dollars. In the next two years, it may rise to 60 dollars.
Exxon Mobil is currently experiencing serious problems. The crisis forced the company to increase its debt. The oil giant has already issued bonds twice this year to attract investorsвЂ™ funds.