Originally Posted by
Name User
China's oil demand is still growing, just at a slower rate than before. Keep in mind India is also the new China.
The major US banks own very little oil CO debt. It's a small fractional amount of their holdings, they sold most of it off after originating it. Our major banks are fine.
Of course China is still growing, their latest GDP growth was I think around 7% annualized, but that's a complete crash from recent estimates that get baked into the oil futures prices.
Also, the regional banks own a ton of energy junk debt, and they're getting clobbered because of it.