OPEC Is In Deep Doo-Doo: UAE Oil Giant To Seek Loan -- Reuters -- July 24, 2017

We've talked about this at length: the situation OPEC is in. Now more news to validate their sad state of affairs. From Reuters, UAE oil giant in talks to obtain loan of up to $5 billion. Data points:

• Abu Dhabi oil giant: Adnoc
• seeking a $5 billion loan
• "a sign that the region's giant oil companies are increasingly turning to the debt markets to fund expansion" (or to simply survive?)
• also, in the alternative, considering a $3 billion bond issue
• would be the first large bank borrowing since Adnoc's first bond deal last year; with Japanese banks, for $3.3 billion
• reminder: in April --three months ago -- Saudi Aramco raised $3 billion through Islamic bonds
• Oman: working on a pre-export financing loan of around $1 billion after closing a $2 billion loan package a few weeks ago
• Adnoc's CEO has been in place less than a year (similar to length of time for Prince Salman)