Upstream Development Cut by $740 Billion From 2015-2020, Says New Report

From a Wood Mackenzie press release:
Global upstream development spend from 2015 to 2020 has been cut by 22% or US $740 billion since the oil price started to drop two years ago, according Wood Mackenzie's research. When we include cuts to conventional exploration investment, the figure increases to just over US $1 trillion. 
Malcolm Dickson, Principal Analyst at Wood Mackenzie says: "The impact of falling oil prices on global upstream development spend has been enormous. Companies have responded to the fall by deferring or cancelling projects and costs have also fallen. Our 2015-2020 forecast for capital investment has been reduced by 22% or US$740 billion since Q4 2014. In the nearer term the impact is even more severe: compared to pre-oil price fall expectations, capex will be down by around US$370 billion or 30% in 2016 and 2017." 
Wood Mackenzie expects to see further cuts throughout the year and investment levels continue to shrink as more projects are dropped and companies struggle to break even.
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