2016: OIL RISKS & SPENDING
Oversupply in 2016 will continue to weigh down on both the global oil markets and the US natural gas market, resulting in a noticeable decline in capital spending and a rise in defaults among firms in the sector, predicts Moody's Investor Service.
In its latest industry outlook, "Oil and Natural Gas Industry—Global: Persistent Weak Prices in 2016 Rein in Capital Spending, Heighten Financing Risk," Moody's foresees capital spending reductions of at least 20-25% in 2016 across the exploration and production business, with oil field services and drilling (OFS) remaining the most stressed energy segment.
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