Global energy sector to remain steady in 2019 despite oversupply fears: Moody’s

Updated:1 month, 2 weeks ago IST

New Delhi, Jan 04 (ANI): Global oil and gas industry will remain on strong footing in 2019 despite concerns of oversupply and a strong US dollar, says Moody’s in its latest report. According to Moody’s, continued strong oil demand will remain in place, even as concerns like weaker global economic growth, tariffs, and a strong US dollar still loom. "Market expectations for continued strong oil demand growth remain in place, despite concerns about slowing demand growth as a result of weaker economic growth, the impact of tariffs and a strong US dollar," said Steve Wood, Moody's Managing Director for Oil and Gas. While the recent announcement that OPEC and Russia will cut production helps alleviate concerns about oversupply, the pivotal questions in the coming year are whether OPEC and Russia will maintain their production discipline and what might happen in June when the current agreement expires, Moody's report stated.

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