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The year 2020 was always looking tough for the oil business. Global demand was estimated to grow this year by about 900,000 barrels per day whist new supplies were seen coming in at about 1.5 million b/day. Producers, especially shale operators, understood the importance of having low costs and keeping a strong balance sheet so that they would get through the year unscathed.
Then came COVID-19 and the collapse of the OPEC+ accord.