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a Plunging prices force oil majors to cut billions in spending

2015-01-26 15:38:08| Oil & Gas - Topix.net

The world's leading oil companies are reported to be planning a $28 billion cut in capital spending by 2017 to keep debt at a sustainable level at a time when oil prices continue to fall. Investment in exploration and development of oil and gas fields could drop by 20 percent by 2017 compared to last year, say analysts at Morgan Stanley as quoted by the FT .

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