OPEC Takes Down Oil Majors as Lower-for-Even-Longer Kicks In - Bloomberg Business

OPEC Takes Down Oil Majors as Lower-for-Even-Longer Kicks In - Bloomberg Business:

"For months, many executives at the world’s largest oil producers have been talking about prices staying lower for longer. After OPEC’s decision to keep pumping full pelt that could become lower for even longer.
Even before Friday, the prolonged slump in crude had forced analysts to cut their earnings-per-share estimates for the world’s 10 largest integrated oil companies in recent weeks. With oil dropping to the lowest in more than six years after the Organization of Petroleum Exporting Countries meeting on Friday, further downgrades are probably on the way.
“A potential OPEC cut was the last source of hope for the bulls near term,” Aneek Haq, a London-based analyst with Exane BNP Paribas said Dec. 4. “The oil majors have already started to underperform the market over the past few weeks, but this now coupled with earnings downgrades and valuations that imply $70 a barrel should put further pressure on share prices.”"



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