More Oil Spending Cuts Coming as U.A.E. Warns About Supplies

Updated on
  • WoodMac, IEA see spending cuts exceeding $300 billion by 2017
  • U.A.E. minister concerned that low investment will curb supply

International oil companies will probably cut investment spending about $370 billion this year and next, according to Wood MacKenzie Ltd., just as the United Arab Emirates warned that the “massive” number of projects being delayed because of the drop in crude prices could create a future shortage.

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