LONDON (Reuters) - The world's biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia.
Cuts already announced by five major oil companies including Saudi Aramco <2222.SE> and Royal Dutch Shell
Others such as U.S. giant Exxon Mobil Corp
(GRAPHIC: Big Oil's 2020 capex cuts, https://fingfx.thomsonreuters.com/gfx/editorcharts/GLOBAL-OIL-CAPEX/0H001R8JFCHE/eikon.png)
Oil prices have slumped 60% since January to below $30 a barrel. Brent crude
Investors also say that if the current crisis is prolonged, the spending cuts announced by major oil companies may not be enough to let them maintain dividends without adding to their already elevated levels of debt.
The combined debt of Chevron, Total
(Graphic: Big Oil's rising debt png, https://fingfx.thomsonreuters.com/gfx/editorcharts/GLOBAL-OIL-MAJORS/0H001R8HMCF5/eikon.png)
(Reporting by Ron Bousso; Editing by David Clarke)