Oil majors slash 2020 spending by 20% after prices slump

LONDON: The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.

Cuts already announced by eight major oil companies, including Saudi Aramco and Royal Dutch Shell, come to a combined $28 billion, or a drop of 20% from their initial spending plans of $142 billion.