Majors slash spending in oil market crunch

摘要

MAJOR market players have cut budgets and reduced spending — including for clean energy projects — in response to "current market conditions" brought on by low oil prices and the spread of the coro-navirus pandemic. Anglo-Dutch supermajor Shell took "immediate steps" to ensure the financial strength and resilience of its business and reduced planned capital expenditure to $20 billion or below from the planned approximately $25 billion.