Global capital expenditure (capex) for exploration and production firms (E&Ps) is expected to drop by up to $100 billion this year, about 17% versus 2019 levels, under Rystad Energy’s updated base case scenario of $34 per barrel in 2020 and $44 per barrel in 2021. E&P capex in 2019 reached $546 billion according to Rystad Energy estimates, having slightly recovered from a 2-year slump in 2015 and 2016 before diving to around $510 billion from 2014’s historical high of $880 billion. According to our data the expected decline this year will make 2020’s capex volumes, estimated at about $450 billion, the lowest in 13 years. Our estimates before the coronavirus epidemic had indicated E&P would remain flat year-on-year. As April approaches, when OPEC+ producers are expected to flood the market with even more additional oil, Brent prices are now at nearly $25 per barrel and are likely to decline […]