Oil producing countries are scrambling to fill gaping holes in their budgets torn by crashing petroleum prices, with some turning to international lenders for help and others slashing spending.
Austerity measures, loan negotiations and state asset sales are all on the menu of moves deployed to counter the brutal nosedive in the oil price, with West Texas Intermediate currently below US$30 a barrel and Brent just above - a drop of about 70% since June 2014.
“These are bad times for oil producers and their creditors,” Gabriel Sterne, head of global macro research at Oxford Economics, said in a note.
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Austerity measures, loan negotiations and state asset sales are all on the menu of moves deployed to counter the brutal nosedive in the oil price, with West Texas Intermediate currently below US$30 a barrel and Brent just above - a drop of about 70% since June 2014.
“These are bad times for oil producers and their creditors,” Gabriel Sterne, head of global macro research at Oxford Economics, said in a note.
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