"We expect oil and natural gas prices to remain weak and volatile through 2015," Moody's said, assuming an average US West Texas Intermediate (WTI) crude oil benchmark price of $50/barrel (bbl) in 2015 and $60/bbl in 2016. The compares with $93.26/bbl in 2014.
"The change in proppant volume for 2015 remains uncertain in light of new sand-intensive drilling techniques, but it is clear volume will decline," Moody's said, adding that it expects demand to stay weak until mid-2016.
"As a result, the global market may see incremental increases in Iran's crude oil exports before seeing a substantial increase to Iran's production," it added.
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