Banks rush to rein in financing for oil firms
April 24, 2020 at 11:23 AM EDT
NEW YORK, April 24 (LPC) - The twice-a-year evaluation of energy borrowers' reserve-based loans has taken on more significance than ever as banks seek to cut their exposure to oil and gas companies amid the global Covid-19 pandemic that has caused demand for oil to plummet and a price war between Russia and Saudi Arabia that has flooded the market with crude.