Moody's to Review 120 Energy Firm Ratings

Rating agency Moody's on Friday placed large parts of the global oil and gas sector on review for a downgrade, as a crash of more than 70 percent in oil prices over the last 18 months has pulled down energy company stocks as well.

The reviews affect oil and gas companies across the world, including the United States and Canada, Latin America, the Asia-Pacific region (APAC) as well as Europe, Middle East and Africa (EMEA).

"Moody's Investors Service has placed the ratings of 120 oil & gas companies on review for downgrade," the rating agency said in a statement.

"These reviews reflect a mix of declining prices that are near multi-year lows, weakening demand and a prolonged period of oversupply that will continue to significantly stress the credit profiles of companies in the oil & gas sector," it added.

In one of the steepest price falls in history, crude oil prices have lost more than 70 percent since mid-2014 to around $30 per barrel, pulling down share prices for energy firms, as producers around the world pump 1 million to 2 million barrels of oil every day in excess of demand in a war of discounts for market share.

Reporting by Henning Gloystein