Coronavirus to Cut 2020 Oil, Gas Spend by $30B

The coronavirus outbreak could cut oil industry investment this year by tens of billions of dollars and delay the delivery of offshore installations currently being built at Asian yards, Oslo-based consultancy Rystad Energy predicted on Friday.

“Our current assessment forecasts that COVID-19 could result in global exploration and production (E&P) investments falling by around $30 billion in 2020,” said Audun Martinsen, head of Rystad’s oilfield service research.

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