Bloomberg had warned about debts by oil companies, as oil-price collapse since mid 2014 cuts the cash flow, lower ratings, and make new loans difficult.

Now FT raise the issues again, and pushes it further. Ed Morse from Citi says that tightening financial climax for oil companies will shut production down. And this will be the decisive factor, rather than the wants of OPEC (weakened power) or other non-OPEC producers (Russia, or even US producers).

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