Repsol Writes down $1.5B as COVID-19 Sours Oil Outlook

Spanish oil and gas firm Repsol posted a quarterly net loss and wrote down $1.5 billion in assets on Thursday as it revised down unusually high expectations for oil and gas prices over the next 30 years.

The demand-sapping COVID-19 crisis has piled pressure on a sector already battered by oil prices dragged down by tension between producing countries over how to regulate supply and a broad drive to shift to low-carbon energy sources.

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