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Moody's: Oil market lacks USD 500 billion to ensure sufficient output

Drilling companies need to raise their budget by 54 percent or more than USD 500 billion if the supply shortages of oil and gas are to be averted in coming years, writes Moody's.

Photo: Mark J. Terrill/AP/Ritzau Scanpix

Drilling companies must raise their budgets by 54 percent or more than USD 500 billion if supply shortages of oil and gas are to be averted in the coming years, says credit rating agency Moody's in an assessment to Bloomberg News.

Moody's levels criticism at the activity level among oil and gas drilling companies for having failed to keep up with other price increases in the energy market.

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