Chevron slashes capital spending by $4bn as oil industry reels
‘Industry is facing an unprecedented dual impact on demand and supply side that none of us have witnessed over our professional lifetimes’
24 March 2020 - 23:10
Houston — Chevron cut its capital spending budget by $4bn on Tuesday, leading a wave of cost-cutting announcements across the oil and gas industry as it reels from declining demand in the face of the coronavirus pandemic and a dramatic slide in prices.
Crude oil prices have crashed by 60% since January as Saudi Arabia and Russia pump full-bore to grab share in a dwindling market, and petrol and jet fuel use has slumped. Demand worldwide is expected to fall by more than 12-million barrels per day, more than 10% of daily demand...
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