Bankruptcy And Write Downs In The Oil Patch

COVID Market Update Adding to plans to slash 10,000 jobs by the end of the year, BP made another painful announcement this week to write down nearly $18 billion in oil and gas assets as it cut energy price forecasts. It also raised $12 billion of debt this week in hybrid bonds that is sure to help its balance sheet.Iraq has made significant cuts in Basra crude supplies to Asia in July as the producer complies with an OPEC ultimatum to cut output. Basra crude supplies for July are expected to decrease by some 15-20%. Iraq’s Oil Marketing Company…