News Snapshot:
So pumped Where have the elusive billions gone? Our research finds they have been used in three novel ways by a variety of actors that include national governments, central banks and sovereign-wealth funds. These are to pay back external debt, lend to friends and acquire foreign assets. Start with debt. Between 2014 and 2016 a petroleum glut fuelled by America’s shale boom caused the oil price to fall from $US120 a barrel to $US30, the steepest decline in modern history. In 2020, as COVID-19 lockdowns depressed demand, prices cratered again, to $US18 in April. To withstand the earnings shock, Gulf...
