LONDON (ShareCast) - In a report on the European oil sector, Societe Generale upgraded Spanish oil company Repsol and the Italian Eni from 'hold' to 'buy'. On the other hand, it downgraded French group Total from 'buy' to 'hold' and lowered its price target from 45.50 to 39 euros.

Analysts at the French investment bank have lowered their forecast for the average price for Brent crude oil between 2012 and 2014 to $105 a barrel, down almost 10% from the previous estimate of $117.

Societe Generale is concerned about Total's hydrocarbon fuel production in 2012, pointing out that the company began to remodel its portfolio, something that has not been entirely discounted by the market.

On the UK side, SocGen downgraded Royal Dutch Shell to 'hold' and retained its ratings of 'hold' and 'buy' for BP and BG respectively.

MJ

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