Industry leading oilfield service firm Schlumberger sees North American producers cutting their capital spending by 40% in 2020 compared to roughly 15% cutbacks internationally as independent shale firms move more quickly to respond to the demand collapse triggered by the coronavirus pandemic. North American producers have removed drilling rigs and completions crews from oil fields at a record pace in March and early April as NYMEX WTI crude prices fell below $20/b for the first time in 18 years. “The operating environment that has now emerged is characterized by simultaneous shocks to both supply and demand,” said CEO Olivier Le Peuch in an earnings statement. “The spread of COVID-19 has caused more than 50 countries to […]