As the extent of the oil market downturn has unfolded, our outlook for the global upstream sector has changed dramatically. It’s time to take stock. Comparing our latest data with our Q1 2020 view reveals the severity of investment, production and valuation cuts. More action may be necessary, with no region or resource theme immune. The industry’s response to 2020’s double-headed crisis has been quick and decisive. Weekly releases on our Lens platform have demonstrated our responsiveness. Powered by this unique dataset, we evaluate how our global outlook has changed: - Investment - how much has development spend been cut? - Production - how has our modelling changed and what are the long-term implications? - Economics - will margins be resilient, and what has happened to valuations? - Resource themes - which have been hit the hardest?