Oil havoc threatens industry’s access to capital

US oil storage Houston Texas from Adobe 21Apr20 cropped 575x375
By Aidan Gregory, Jon Hay
21 Apr 2020

The oil industry’s ability to raise money in capital markets is coming under severe strain, as the coronavirus pandemic is forcing all analysts to tear up their assumptions and bringing unprecedented volatility in prices.

Expectations were already high for a wave of bankruptcies in the US shale oil sector; that is now even more likely. But the range of companies with severe financial difficulties will go well beyond that.

Brent crude oil, the global benchmark, has fallen 30% on Tuesday to below ...

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