Glencore to cut spending on African oil projects

摘要

London-Commodity trader Glencore plans to slow down its spending on its upstream oil operations in West Africa this year as part of capital budget cutbacks of up to $1.4 billion. Glencore plans to cut up to $1.2 billion of “expansionary capital guidance” for the cur- rent year, a figure which includes its oil explo- ration and development in West Africa and a range of coal project deferrals, the company said Tuesday.