Moody’s said it has reduced its medium-term oil price assumptions to US$45-$65/barrel (bbl), down from US$50-$70/ bbl. “The price range reflects our view that oil prices will remain highly volatile, with periods outside the top or bottom ends of the range. High inventories of both oil and fuels globally will further slow the pace of recovery in oil demand and prices, it added. In Ghana the government has predicted significant oil revenue losses due to the oil price collapse. International oil companies in Ghana, such as Irish major Tullow Oil, have announced cuts to capital expenditure for 2020 in the wake of the oil price decline.

Source: GhanaWeb May 29, 2020 08:03 UTC