Oil Industry Faces Credit Crunch (Energy Intelligence, March 31, 2023)

"The oil industry seems to be once again ignoring key and obvious signs of jeopardy from external sources. This time its survival may be at stake, as reverberations from the collapse of Silicon Valley Bank continue to spread through an already-stressed global financial system and still threaten to overwhelm it. Oil executives and ministers ignore the danger of being sucked under by a sinking financial system at their own peril. Governments and central banks will save the financial system, as they often have. No one, though, will throw a life vest to the oil industry. And even if a major financial shock is averted in the near term, the effects of this crisis will still be felt for years to come in much tighter credit conditions." Read more here.