The Spanish energy firm said the writedown is based on lower oil price assumptions for 2020 and 2021 of $43 and $49 a barrel, respectively
The headquarters of Spanish oil major Repsol in Madrid, Spain. Picture: REUTERS/JUAN MEDINA
The demand-sapping Covid-19 crisis has piled pressure on a sector already hurt by oil prices that have been dragged down by tension over supply and a shift to low-carbon energy sources.Repsol said it now expects Brent crude oil prices to average $59.60 a barrel at today’s prices between 2020 and 2050. It had previously forecast Brent crude to reach $87 a barrel by 2035, adjusting for inflation, higher than most of its rivals’ headline numbers.
A company spokesperson said the longer-term change was entirely due to the new calculation being based on current prices.
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