Fitch Ratings asserted on Monday that the higher prices of oil and gas as well as rising production volumes will boost European oil majors to recover from losses registered last year, APA reports citing Teletrader.
While the crude and gas prices are expected to stay above 2020 averages in the medium term, Fitch said the continent's largest energy companies will register an output increase over the next two years. Companies BP, Eni, Total and Shell are all set to generate positive free cash flow this year, the report concluded.
However, Fitch warned that investments will continue being redistributed towards the renewable energy sector until 2023, while making a significant acceleration in the second half of the decade.
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