Overproduction by Saudi Arabia and Russia in March and April, and the accompanying oil price crash before the OPEC+ deal was reached, have taken their toll on the 2020 capital spending outlook. Here, at Evercore ISI, we forecast global E&P expenditures will decline 27% in 2020, a 3,000-bps (basis point) turnaround from the 2% increase in spending anticipated in our December survey.
https://www.worldoil.com//magazine/2020/july-2020/features/global-ep-mid-year-spending-outlook-collapse-underway?id=31307113
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