M&A remains overripe, with deals turning to rot on inventory shelves and oil companies forced to wait
even longer for their Kool & The Gang’s Deal-a-bration to come.

The COVID-19 pandemic remains firmly in command, leaving E&Ps to watch helplessly as the virus parties in Florida, rides tall in Texas and dreams in California. Much work remains to rein in the virus (or extremely lethal hoax). The national strategy for COVID-19 testing remains, “Testing is highly contagious.”

Still, if there is hope for an end to the pandemic and some return to normal oil demand, OPEC+ has arrived just in time to annihilate any E&P optimism. Recall in May when OPEC and countries such as Russia agreed to cut production by 9.7 MMbbl/d following mass oversupplies created by OPEC+ (and then the pandemic).

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