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IS - Total & Shell reduce capex by 20% amid market disruptions - March 2020



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Total and Shell have become the first supermajors to announce specific spending cuts in response to the recent oil price crash, while other supermajors are still assessing their plans. Both the French and Anglo-Dutch supermajors are slashing their capital budgets and curtailing plans because of recent market developments. Assuming oil prices at around $30/bbl, Total is reducing its 2020 spending plans by 20% to $15 billion. The savings will mainly take the form of......
 
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