2020-04-01 18:11
IndustryOil majors slash by 20% after prices slump
The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.
Cuts already announced by eight major oil companies, including Saudi Aramco (SE:2222) and Royal Dutch Shell (LON:RDSa), come to a combined $28 billion, or a drop of 20% from their initial spending plans of $142 billion.
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Oil majors slash by 20% after prices slump
Philippines | 2020-04-01 18:11The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.
Cuts already announced by eight major oil companies, including Saudi Aramco (SE:2222) and Royal Dutch Shell (LON:RDSa), come to a combined $28 billion, or a drop of 20% from their initial spending plans of $142 billion.
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