U.S. OIL LOAN DEFAULTS
Banks in the U.S. are cutting credit lines to energy companies and forcing firms to cough up more collateral to guard against fallout from the past year's plunge in oil prices, a Federal Reserve survey found.
Banks expect more delinquencies and charge-offs from the sector over the course of this year, "but they indicated that their exposures were small, and that they were undertaking a number of actions to mitigate the risk of loan losses," senior loan officers at commercial banks told the Fed in a survey tracking changes in loan terms and standards in the first quarter of the year.
U.S. oil and gas companies…
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US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.
Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month, a Saudi official familiar with the policy said.
Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf (UKCS).
U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.