“Slow and Painful” recovery for oil industry says Moodys

The slow recovery will stunt worldwide demand for oil and natural gas at a time when inventories are at or near record highs, Moody's says.

The report says the overall gross cash flow for the integrated oil companies will fall around 40% to $180 billion in 2009 and will remain at lower levels in 2010, amid declining prices for crude oil and natural gas. "The negative outlook reflects our view that prices for crude oil and natural gas could turn lower, squeezing margins and causing cash flow for i