Under Rystad Energy’s updated base case scenario of $34 per barrel in 2020 and $44 per barrel in 2021, global capital expenditure for exploration & production firms is expected to drop by up to $100 billion this year, about 17% versus 2019 levels.

Energy intelligence firm Rystad Energy said on Monday that the E&P capex in 2019 had reached $546 billion having slightly recovered from a two-year slump in 2015 and 2016 before diving to around $510 billion from 2014’s historical high of $880 billion.