Moscow. 2 February. International rating Agency Standard & Poor’s downgraded long-term rating of British-Dutch Royal Dutch Shell Plc to “A+” from “AA-” and placed it on review for possible further reduction.
This is the lowest level for the time assigned by S&P of ratings of this oil company since 1990.
The ratings of BP Plc, Eni SpA, Repsol S. A., Statoil ASA, Statoil Forsikring AS Statoil US Holdings Inc. and Total S. A. also placed on review with a negative Outlook, said in the statement.
Rating actions concerning major oil and gas companies of Europe due to the fact that the Agency has lowered its price forecast for Brent crude.
Analysts now expect oil to the remainder of the current year will on average cost $40 per barrel. The following year, by their estimate, rates will be $45 per barrel in 2018 and beyond – $50 per barrel.
“This price revision reflects the significant reduction in the futures curve as a result of the continuing oversupply in the global oil market and significant volumes of natural gas production in North America. We also note the ongoing worldwide revision of the mining costs and the development in the direction of reduction”, – stated in the message S&P.
“After the fall of the oil price of Brent and other grades in 2014, the industry is able to reduce costs. The magnitude of the fall in oil prices – in average by 52% in 2015 will not match the size of the reduction of costs and capex of most of the largest oil producers in the course of the year”, – analysts of Agency.
According to their forecast, in 2016, the capex of oil companies in General will be about 15-25% less than last year.