Oil industry reels from historic crash

FINANCIAL TIMES đź”’| The first half of 2020 has been brutal for the oil industry: global demand dropped almost a third at one stage, a market share war brought an onslaught of Saudi crude and US prices collapsed below zero for the first time.

Oil producers’ recent second-quarter earnings reflect this damage, with both global supermajors and US independents writing down assets and posting huge losses.

As the charts below show, deep spending cuts point to a sector desperate to shore up battered balance sheets, sacrificing output growth to do so.

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