Global investment in energy will fall by $400 billion in 2020, the largest single-year decline in history. U.S. shale will be hit particularly hard, with capex set to fall in half, according to a new report from the International Energy Agency (IEA). After watching hundreds of oil rigs disappear from the field, and after watching U.S. oil production fall by around 2 million barrels per day (mb/d) since March, perhaps that statistic comes as no surprise. “Some of the most dramatic cuts in the oil and gas sector – in many cases above 50% – have been among highly leveraged shale players in the United States, for whom the outlook is now bleak,” the IEA wrote in its new World Energy Investment 2020 report. Drilling has come to a standstill and steep decline rates are taking hold. The CEO of Precision Drilling said that the U.S. is set to […]