GRAPHIC-Oil majors slash 2020 spending 18% after prices slump [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Oil majors slash 2020 spending 18% after prices slump LONDON (Reuters) - The world’s biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia. Cuts already announced by five major oil companies including Saudi Aramco ( 2222.SE ) and Royal Dutch Shell ( RDSa.L ) come to a combined $19 billion, or a drop of 18% from their initial spending plans of $106 billion. Norway’s Equinor ( EQNR.OL ) said on Wednesday it would cut capital expenditure, or capex, by some $2 billion while Chevron ( CVX.N ) said on Tuesday it would slash its capex this year by $4 billion. Others such as U.S. giant Exxon Mobil Corp ( XOM.N ) and Britain’s BP ( BP.L ) have said they will cut capital expenditure but haven’t given specific figures as yet. (GRAPHIC: Big Oil's 2020 capex cuts, here ) Oil prices have slumped 60% since January to below $30 a b
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