RIYADH: Although higher oil prices are benefiting hydrocarbon exporters, their credit profiles remain constrained by structural vulnerabilities and carbon transition risks, according to Moody’s Investors Service. As geopolitical risks recede, most oil and gas exporters will be subject to a decline in crude demand and prices in addition to the longer-term economic and financial risks that rise from the global commitment towards lower-carbon energy sources, the company explained in its most recent report. The global credit rating agency expects the medium-term oil price range to remain at $50-$70 a barrel. It assumes that oil prices will decline to an average of around $68 a barrel in 2023, and then ease further to the middle of the range in the following years. The persistent surge in oil prices will also accelerate global carbon transition, which will eventually lead to a structural decline in hydrocarbon demand and prices, the agency added. Hydrocarbon exporters with the heaviest reliance on oil are exposed to long term credit risks, including Iraq, Kuwait, Abu Dhabi, Qatar, Oman and Azerbaijan.