On average, Reuters estimates North America oil and gas producers have cut their 2020 budgets by about 30% since the fall in oil prices.
Another wave of U.S.-based oil and gas producers have recently unveiled capex cuts, following in the footsteps of many in the industry as companies adjust to the sharp drop in oil prices.
Global oil markets spiraled downward last week after a price war between Saudi Arabia and Russia broke out in the midst of already weakening demand due to the coronavirus outbreak. Since the launch of the price war, U.S. crude has dived 30% to about $29.
Many producers in the U.S. have responded to the slump in oil prices by slashing spending and pulling back on drilling plans for the year. On average, Reuters estimates North America oil and gas producers have cut their 2020 budgets by about 30% since the fall in oil prices, according to data compiled by Reuters.