North American operators have cut capex by 42% to $58.6 billion, the rig count has plummeted to less than 300, wells have been shut-in and production has slowed as OPEC+ and others removed millions of barrels of oil from the market amid the continuing global pandemic.

WTI fell from more than $61/bbl in January to -$37.63 in late April, rising to about $40/bbl in June.

“While this felt like a lot of chaos, it actually was the market functioning very well,” Bernadette Johnson, vice president of market intelligence for Enverus, said during a June 24 webinar hosted by the Independent Petroleum Association of America.

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