Exxon has lowered outlook on oil prices for much of next decade –WSJ report

Although ExxonMobil has been bullish on its over nine billion barrels of oil reserves to date in the Guyana basin, the Wall Street Journal on Wednesday reported that from documents it has seen, the company has lowered its outlook on oil prices for much of the next decade.

“As part of an internal financial-planning process conducted this fall, Exxon cut its expectations for future oil prices for each of the next seven years by 11% to 17%, according to the documents,” the WSJ reported. The sizable reduction, according to WSJ, “suggests the Texas oil giant expects the fallout from the coronavirus pandemic to linger for much of the next decade.”

It noted that the fossil-fuel industry is also contending with increased competition from renewable-energy sources and electric vehicles, as well as the prospect of increased climate-change regulation around the world.