by Jason Simpkins
Racking up debt is never a good thing, but for major oil producers it’s downright deadly.
Formerly-powerful petro-states – like Russia, Venezuela, Saudi Arabia and others – are cutting deep into their budgets and burning through reserves.
Oil companies have sold off hundreds of oil fields, eliminated thousands of jobs and slashed millions of dollars in spending.
But it hasn’t been enough. And that’s a problem not just for oil producers, but for the creditors that back them.