BP can cut spending by 20% this year, CFO says

BP can slash its spending by 20% this year as the oil market goes into freefall, with some U.S. operations likely to get less investment.

The London-based oil major’s shares have fallen more than 30% since the OPEC+ alliance broke down after a showdown between Saudi Arabia and Russia, triggering a price war as the kingdom vowed to send a flood of cheap crude to Europe.

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