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Bloomberg
Eni SpA became the latest oil company to cut its long-term price assumptions, saying the coronavirus pandemic would have a lasting impact on the industry.
Eni now sees benchmark Brent crude at $60 a barrel in 2023 real terms, down from a previous estimate of $70, the company said. Rivals Royal Dutch Shell and BP ve also cut price forecasts as the lockdown-induced slump batters their business, forcing producers to reassess the value of their assets amid a shift to cleaner energy.
“Having considered the prospect of the pandemic having an enduring impact on the global economy and the energy scenario, Eni has revised its view of market fundamentals,†it said.