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Oil majors cut $35bn capital spend over COVID-19, low oil prices

…Projects in Africa, Europe, America suffer most cuts

In response to a virus-induced low oil demand, the world’s biggest oil companies are collectively slashing off an estimated $35bn in their capital expenditure for 2020 which could slow growth for many countries long after the pandemic is over. One of the most capital-intensive industries with the highest levels of capital expenditure is the oil…

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