Moody’s lowers oil forecast to $43

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Moody's Oil ForecastMoody’s rating agency has changed their Brent crude oil forecast from $53 per barrel to $43 in 2016.

They explain:

Increasing consumption will not match the increase in supply. It will take time for these large global inventories to unwind, and combined with the possibility of new supply coming online from Iran, we expect oil prices to remain lower for a longer period than previously anticipated.
Opec oil producers continue to produce without restraint as they compete for market share, exacerbating the currently saturated markets. Russia has also greatly increased production, and the possibility that sanctions will be lifted on Iran in 2016 could flood the market with even more supply.

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