It's been a chaotic couple of months for the global commodities markets, and the oil sector has been on the firing line of the price and demand collapse resulting from the coronavirus pandemic. Within days of lockdowns, expanding from Asia into Europe and the US, capex cuts were announced by oil and gas producers as they rapidly adjusted their spending plans to shore up budgets as prices slumped. The majority of oil majors have reported their first-quarter earnings, showing a partial snapshot of the pandemic's impact on commodity markets.