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11/25/2020, 1:55 PM (Source: TeleTrader)
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Exxon cuts oil prices outlook for next decade - report

Exxon Mobil Corp. expects a fall ranging from 11% to 17% in oil prices during each of the following seven years, the Wall Street Journal reported on Wednesday, citing internal company documents the outlet obtained.

The forecast change came amid the demand worries sparked by the coronavirus lockdowns, but also in the light of the "increased competition from renewable-energy sources and electric vehicles," the report added.

A day ago, the prices of oil climbed back to where they stood in March 2020, before the worldwide lockdowns and price war between Russia and Saudi Arabia dragged them down.

Breaking the News / BU