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Oil Majors' $60 Billion Cuts Don't Go Far Enough as Crude Slides

2015-08-14 07:21:12| Oil & Gas - Topix.net

The $60 billion of oil-industry spending cuts this year aren't likely to be enough to meet sacrosanct dividend commitments as crude languishes near a six-year low. The world's biggest producers will need to trim investments by a further $26 billion, according to Jefferies Group LLC. Capital spending will have to fall 10 percent next year, Banco Santander SA says.

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