For Russia, it’s the unwillingness to lose market share has paid off, but for the U.S? within a month five US oil and gas companies close down, while exports to China from Russia soar 31%
Diamond Submarine Drilling Company declared bankruptcy. The fall of this old American offshore drilling company also proved how serious the oil crisis the United States is facing. In fact, Another well-known American shale oil company Whiting Oil and gas also declared bankruptcy. the United States has closed down five major oil & gas companies in just one month.
A Norwegian energy consulting agency (Rystad Energy) said that if oil prices fell to US $ 20, 533 US oil exploration and production companies in 2021 might go bankrupt. When oil prices fell to US $ 10, there might be 1,100 shale oil companies in a bankruptcy crisis.
update- Whiting Petroleum Aims to Exit Chapter 11 by August