International oil companies plan to cut investment spending about $370 billion - BBG

The latest oil report published by Wood Mackenzie, a global energy, metals and mining research and consultancy group, revealed that that the international oil companies plan to cut investment spending about $370 billion in 2016-17, Bloomberg reports.

Key Quotes:

International oil companies will probably cut investment spending about $370 billion this year and next

The investment cuts will mean a 3 percent reduction this year in oil and natural gas production (equivalent to 5 million barrels of oil, and another 4 percent, or 6 million barrels, in 2017)

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