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Oil Crash Wipes Out $31 Billion From Industry’s Investment Plans

  • Aramco, Total join belt-tightening in shale patch, oil sands
  • Crude has lost more than 50% of its value so far this year

The global oil and gas industry has slashed at least $31 billion from investment budgets after crude’s epic price crash this month, and more cuts are likely to come.

Producers are quickly switching gears to survive a flood of oil coming into the market as Saudi Arabia and Russia open the spigots to fight for global market share. Meanwhile, the Covid-19 pandemic is having a devastating impact on demand.