The coronavirus pandemic coupled with the oil price war will likely result in oil exploration and production (E&P) companies slashing their 2020 Capex budgets by up to USD 100 billion relative to last year, writes Norwegian analysis firm Rystad Energy in its latest prognosis.

If this forecast holds true, aggregated 2020 Capex spending will tally to around USD 450 billion – the lowest level in 13 year and corresponding to a 17-percent decline during this last year.