OIL FIRMS TO SLASH SPENDING BY 17% THIS YEAR

The oil price crash is expected to slash capital expenditure on global oil exploration and production by 17 per cent this year, after a 24 per cent drop in 2015, according to the International Energy Agency’s (IEA) medium-term outlook.

IEA said in the report, released yesterday, that this would be the first time since 1986 that upstream investment has fallen for two consecutive years.

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