ExxonMobil lowered its oil price forecast by next 7 years

In the next 7 years low oil prices will be in effect, believes the American energy giant ExxonMobil. He revised his forecasts for these years downwards - new figures by 11-17% below the previous ones. This is what the Wall Street Journal writes about. In 2021-26, the company estimates the average cost of oil at $50 to $55 per barrel. For comparison, the previous forecast for this period, made in 2019, was $62. In 2017-19 now the forecast is $60, the old figures were $72. The company probably assumes that the negative consequences of the Covid-19 proliferation will affect the economy for more than a year, comments Wall Street Journal forecasts. The following forecasts are also said factors such as increasing competition in the industry, created by environmentally friendly alternatives - the use of renewable energy sources, as well as the growing popularity of electric cars. In addition, Joe Biden's eco-friendly policy can have a negative impact on the oil industry.