Oil majors have cancelled a total of 80 projects across the globe this year because of low oil prices. BP’s head of exploration and production Lamar Mckay said earlier that oil majors have also cut capital expenditures by as much as $22 billion (£15 billion).
This follows the IEA, who outlined in their World Energy Outlook that Oil is likely to see a slow recovery to $80 a barrel in 2020. Additionally they noted that the drop in oil prices has led to a fall in the US shale output.
Note that their will be no inventory data tomorrow from the DOE as it’s a US bank holiday, with the release now occurring on Thursday at 4pm