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Oil firms cut spending after price crash

Major oil producers with operations around the world have cut their 2020 capital spending by about 24 per cent, or nearly $40 billion, data compiled by Reuters showed, following a slump in crude prices.Brent crude prices have fallen nearly 46 per cent to about $24.48 a barrel, while U.S. crude has plunged 50 per cent to $21.19 per barrel since Saudi Arabia and Russia launched a price war earlier this month.The world is also witnessing one of its biggest demand shocks, as travel curbs worldwide...

In Brief

Saudi to ship 10 mbpd from May...

KPC to reduce capex

State-run Kuwait Petroleum Corporation (KPC) has instructed all subsidiaries to cut capital and...




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