As the oil market begins to show signs of balance we examine how the energy industry has responded sharply to the fall in the oil price with a steep reduction in investment and costs. Since Q4 2014 we have removed US$370 billion (30%) of capital expenditure across 2016 and 2017 and looking further out to 2020 the number is US$620 billion (22%). The industry has sought to cut costs and this has taken many forms with project deferrals re working proposed projects productivity gains and cuts in higher cost regions. Regionally the deepest cuts have been in the US Lower 48 where capital investment has halved in 2016 17. Elsewhere there are some surprises with investment actually strengthening in North Africa and the Middle East as well as in Russia on a local currency basis.