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Global Oil & Gas Sector Outlook Is Neutral on Stable Performance
The global oil and gas sector outlook is neutral in 2024 due to stable performance, supported by high prices and fairly strong earnings, Fitch Ratings says in a new report. Leverage is low for most companies, enabling the continuation of M&A. We expect oil prices to remain high in 2024 and broadly stable year-on-year due to OPEC+’s continued curtailments, a geopolitical risk premium and slowing US crude production. However, demand growth will slow and spare capacity, mostly represented by OPEC, should be sufficient to absorb potential shocks. This, alongside cost controls, should support companies’ ... (full story)