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Nigeria’s Comeback Looms Over Oil Markets

Niger Delta Avengers

Friday, September 9 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Venezuela debt falling due

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- Venezuela’s economic crisis continues to deepen, with protestors taking to the streets to demand the ouster of President Nicolas Maduro.
- The crisis threatens to knock off more than the 300,000 barrels per day that Venezuela has lost since last year.
- There are several landmines ahead in the near future. The Venezuelan government and the state-owned PDVSA owes billions of dollars in debt payments over the next few months.
- In October, a $1.8 billion payment falls due, followed by another $2.9 billion in November.
- The $5 billion in debt due before the end of the year looks pretty painful when considering that the state had only about $11.8 billion in cash reserves as of August.
- A credit event could send oil production down at a much faster rate than seen today.

2. Energy companies top distressed list

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- Oil and gas companies make up the largest share of distressed companies, as rated by S&P Global Ratings.
- There are 251 companies on S&P’s “weakest link” list, the highest number of companies in danger of default since 2009. They…




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