The corrective steps to prevent the recurrence of such a crisis have focussed a great deal on improving the transparency and risk management in the market infrastructure. Let me quote from the Pittsburgh Declaration of G-20 leaders summit.
Oil-producing companies and nations are seeing a decline in their incomes, and yields on debt issued by corporates in the energy sector have increased sharply. Exploration expenditure and investment in new capacity is being rapidly curtailed. Sovereign asset managers for some key oil producers are liquidating some assets to help manage the effects on fiscal positions.