The global oil and gas sector is in a new state of deterioration amid worldwide economic uncertainty from tariff wars, slowing oil demand, and an escalation of production from OPEC and other nations, according to a June 11 report from Fitch Ratings.
Fitch’s decision to change the 2025 outlook for the fossil fuel industry from “neutral” to “deteriorating” is based on global macroeconomic conditions, especially the early April double whammy of President Trump’s tariffs announcement and the decision of OPEC and key allies to churn out more crude oil volumes after years of self-imposed curtailments.
