Oil market is facing a 'triple whammy' of pressures, says expert Dan Yergin
The low cost per barrel is causing concern over, many of which have sizable debt burdens that become more difficult to repay at current price levels.
Yergin, author of "The Prize: The Epic Quest For Oil, Money & Power," said he thought the leadership at U.S. oil companies over the weekend "spent their time looking at their budgets, slowing down activity, stopping activity." "We'll see bankruptcies. We're going to see some people gasping for oxygen really trying to survive," he said. "This is a very difficult, bracing period for those companies."
But ultimately, Yergin said, "I don't think this can last very long because it's going to hit everybody's finances including that of the countries," referring in particular to Saudi Arabia and Russia. "The impact is going to continue until there is some resolution here and a recognition that a battle for market share in a constricting market is not going to get you more money," he said.
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