Investors have suffered losses of at least $150bn in the value of oil and gas company bonds, as the slump in crude prices since mid-2014 has fuelled fears of a wave of defaults in the US and emerging markets.
The 300 largest global oil and gas companies have also seen $2.3tn sliced from their stock market value over the same period, a 39 per cent slide since oil began its decline, a Financial Times analysis has found.
The losses show how the financial strain on oil producers remains intense, in spite of the partial recovery in crude prices since January. Oil is still down 65 per cent from its June 2014 peak.
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