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Tuesday, 7 February 2017

Statoil reports loss after cutting long-term oil price forecast

Statoil reports loss after cutting long-term oil price forecast:

"Statoil on Tuesday booked a $2.3bn impairment charge due to reduced long-term expectations for oil prices as the Norwegian energy group said global demand for crude might go into terminal decline before 2030. The writedown, which followed a similar $2bn charge last week by ExxonMobil, highlighted the painful adjustments still being made by the world’s biggest oil companies after the slump in crude prices in 2014. Statoil lowered its long-term oil price outlook for Brent crude to $75 per barrel in 2020, from a previous forecast for $83, and $80 in 2030, compared with $100 before."



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