Total Takes Measures to Mitigate Oil Market Slump

摘要

French major Total has announced plans to cut capital spending and operating costs and suspend its share buyback program to mitigate the impact of the severe downturn in the oil market. The coronavirus pandemic has hammered the global economy and oil demand. This has been compounded by the collapse of the Opec-plus supply management pact and Saudi Arabia’s decision to flood the market with cheap oil.