- The federal budget deficit is projected to be $2.3 trillion in fiscal 2021, the Congressional Budget Office said.
- That’s smaller than 2020 shortfall of $3.13 trillion but larger than anything the nation had seen prior to the Covid-19 pandemic.
- Federal debt will swell to $35.3 trillion in 2031, it said, the largest debt-to-GDP ratio in U.S. history. Source CNBC
Exxon Mobil erased almost every drop of oil-sands crude from its books in a sweeping revision of worldwide reserves to depths never before seen in the company’s modern history.
Exxon counted the equivalent of 15.2 billion barrels of reserves as of Dec. 31, down from 22.44 billion a year earlier, according to a regulatory filing on Wednesday. The company’s reserves of the dense, heavy crude extracted from Western Canada’s sandy bogs dropped by 98%. Source World OIl
German construction and engineering group Bilfinger has withdrawn from work related to the construction of the Nord Stream 2 gas pipeline, German tabloid Bild reported, citing letters it has obtained. Source World Pipelines
Spain’s public debt ended 2020 at 117.1% of gross domestic product as the coronavirus pandemic and the measures imposed to curb it lifted borrowing and led to a deep economic contraction, the Bank of Spain said on Wednesday. Source Reuters
