Following an unprecedented year of oil price volatility, production cuts and demand shattered by a global pandemic that continues to wreak havoc, E&P spending worldwide is expected to inch up by 1% to nearly $296 billion in 2021, according to a Barclays survey released this week.

That’s up from a 29% drop in spending seen in 2020 when every region tracked saw double-digit spending declines, led by North America where E&Ps cut spending by 44%.

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