 "oil, crude oil")
The feud between Saudi Arabia and Russia is exposing oil companies’ weak underbelly, just as they were starting to reap rewards from years of belt-tightening.
Producers have cut costs, sold assets and canceled projects to repair balance sheets following crude’s 2014-17 slump. Now a renewed price plunge and a darkening outlook in the face of an all-out price war is threatening to sweep aside much of that work.
Crude’s slide on Monday wiped about $250 billion off oil company valuations worldwide, after $135 billion was lost on Friday as Russia and Saudi Arabia failed to agree on production
Producers have cut costs, sold assets and canceled projects to repair balance sheets following crude’s 2014-17 slump. Now a renewed price plunge and a darkening outlook in the face of an all-out price war is threatening to sweep aside much of that work.
Crude’s slide on Monday wiped about $250 billion off oil company valuations worldwide, after $135 billion was lost on Friday as Russia and Saudi Arabia failed to agree on production
