Pessimistic ExxonMobil: the impact of the epidemic on oil prices will last for 10 years

category:Finance
 Pessimistic ExxonMobil: the impact of the epidemic on oil prices will last for 10 years


In 2019, ExxonMobils internal forecast is that Brent crude oil prices will average $62 / barrel in the next five years and rise to $72 / barrel in 2026 and 2027. However, this summer, the company lowered the average price of oil distribution in the next five years to $50-55 / barrel, and its forecast for 2026 and 2027 to $60 / barrel.

In addition to the new crown epidemic, the document also mentioned that the traditional energy industry is facing increasingly fierce competition from renewable energy and electric vehicles. Affected by the new crown epidemic, the third quarter financial report released at the end of October this year showed that ExxonMobil lost 680 million US dollars in the current quarter, which was the first time in the companys history to record a loss for three consecutive quarters. In response to low oil and gas prices and sluggish global energy demand during the epidemic period, ExxonMobil has slashed its capital expenditure this year and plans to cut further staff to save costs, according to financial reports. On Wednesday, November 25, ExxonMobil announced on its official website that as part of its ongoing cost reduction program, it will cut the number of employees in its Canadian subsidiary, which is expected to have 300 jobs affected by the end of 2021. Source: Wall Street news editor: Yang Bin_ NF4368

In addition to the new crown epidemic, the document also mentioned that the traditional energy industry is facing increasingly fierce competition from renewable energy and electric vehicles.

Affected by the new crown epidemic, the third quarter financial report released at the end of October this year showed that ExxonMobil lost 680 million US dollars in the current quarter, which was the first time in the companys history to record a loss for three consecutive quarters.

In response to low oil and gas prices and sluggish global energy demand during the epidemic period, ExxonMobil has slashed its capital expenditure this year and plans to cut further staff to save costs, according to financial reports.

On Wednesday, November 25, ExxonMobil announced on its official website that as part of its ongoing cost reduction program, it will cut the number of employees in its Canadian subsidiary, which is expected to have 300 jobs affected by the end of 2021.