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Oil industry outlook 'stable' says Moody's
- Middle East: Tuesday, December 16 - 2008 at 15:03
A new report by Moody's Investors Service says the outlook for the global integrated oil industry is stable, despite the recent steep decline in energy prices caused by worsening global economic conditions and weakening demand. Strong results in the first nine months of 2008 amid high oil and gas prices have underpinned financial profiles across the sector, which should leave the incumbents' credit metrics well positioned relative to their respective ratings, the report said. The report, entitled 'Global Integrated Oil Industry - Six-Month Update', expresses Moody's expectations for fundamental credit conditions in the industry for the next 12-18 months.
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Jeff Florian, Senior ReporterTuesday, December 16 - 2008 at 15:03 UAE local time (GMT+4)
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