Latin American oil sector will start recovering in 2021

Washington -The rating agency Fitch Ratings estimated this week that oil and gas companies in Latin America will begin a trend towards recovery as of 2021.

That financial corporation based in New York and London, specified that the sector will begin its recovery after a 2020 marked by the impact of the Covid-19 pandemic on world economy.

Fitch estimates that crude oil prices could rise next year to an average of $45 a barrel, roughly 10 percent of what was expected in 2020, though still well below 2019 levels.

In its forecasts, it indicated that the demand for products in the region will revive, but its increase will be offset by a large underused production capacity, and a prolonged period of high oil inventory caused by the coronavirus pandemic.

It also forecast that the rating outlook will remain negative due to persistent macroeconomic challenges in Latin America.

Approximately 42 percent of the Latin American oil and gas sector has issuer ratings as government-related entities, representing a significant amount of outstanding foreign currency debt.

Meanwhile, demand for fuel is under pressure from rising infections in Europe, the United States and Latin America. As a result, the Organization of Petroleum Exporting Countries (OPEC) has said that demand will recover in 2021 more slowly than previously thought.

'In many ways, the market is looking to 2021, to a time when we do have vaccines in place, and to a time when OPEC and the allies have stopped some of those scheduled supply increases,' Lachlan said. Shaw, Head of Product Research at National Australia Bank.

Compartir
FaceBook  Twitter

Culture


Cubans to pay virtual tribute to Jose Marti on his birthday

Havana - For the first time on Wednesday, Cuba is holding a virtual version of the traditional March of the Torches, which brings together thousands of young people every year to pay tribute to Cuban Apostle Jose Marti.

Read More

Tribute to Jose Marti in Key West

Key West - The Alianza Martiana, the José Martí Cultural Association USA, and other Cuban emigre organizations in the United States celebrated in Key West on Tuesday the 168th anniversary of the birth of José Martí.

Read More

Famous Italian artist prefers Cuban Covid-19 vaccine

Rome - Famous Italian singer Fiorella Mannoia affirmed on Tuesday that she will get vaccinated against Covid-19 and if she could decide, she would like to get vaccinated with the Cuban vaccine.

Read More

RECOMMENDATIONS

reflexiones

 

Selected Speeches by Fidel Castro

Pictures

http://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/cuba_eua_bandera.jpghttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/9.JPGhttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/8.JPGhttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/7.JPGhttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/666.jpghttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/555.jpghttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/444.jpghttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/333.jpghttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/222.jpghttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/2.JPGhttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/12.jpghttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/1111.jpghttp://www.artemisaradioweb.icrt.cu/sitenglish/images/images_1ro mayo/11.JPG

Contactenos en FaceBook

Contactenos en Tweeter