Banks including Barclays and Wells Fargo are facing potentially heavy losses on an $850m loan made to two oil and gas companies, in a sign of how the dramatic slump in the price of oil is reverberating through the wider economy.
Details of the loan emerged as Saudi Arabia signalled that it would not push for a big change in Opec’s output targets, on the eve of a critical meeting of the oil producers’ cartel in Vienna. Several Opec members have been calling for a production cut to shore up prices, which have dropped 30 per cent since June, while others see no need for a change.
Ali al-Naimi, the Saudi oil minister, said he was “very confident” that Opec would have a unified position.
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