BP said on April 1 it would cut planned 2020 capital spending by a quarter to $12 billion, roughly in line with already announced moves by rivals Royal Dutch Shell and Total.
The UK oil giant said part of the capex cut would come from reining in investment in U.S. shale, which the company recently augmented by buying assets from BHP.Brent crude futures were trading at $27.5 a barrel on April 2, up 11%, after China said it would add to oil stockpiles and U.S. President Donald Trump predicted an agreement on supply with Russia and Saudi Arabia “within days”.
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