Middle East and African banks face mounting pressure from the gathering macroeconomic storm and oil price pressure, Fitch Ratings has said.
Banks have given a handful of U.S. oil companies an extra financial boost this month, increasing the amount of money they can borrow for new drilling projects and other purposes.
Saudi Arabia is telling international banks to publicly disclose financial statements for the first time as the kingdom’s regulator seeks to boost transparency.
Shares in Tullow Oil closed 9.6% higher last night after the London-listed firm said that its credit facilities remain unchanged following an asset assessment. The company said that it demonstrates the continued support of its lending banks during this period of low oil prices.