Total and Shell cut big chunks off their budgets

The oil price plunge prompts the world's largest oil companies to cut down investments significantly. Total and Shell must raise major amounts this year to handle the situation.

Total CEO Patrick Pouyanné points out that Total has handled critical situations before. Now, it must do so again. Photo: Benoit Tessier/Reuters/Ritzau Scanpix

Not only smaller players and service firms are affected by low commodity prices and global uncertainty regarding coronavirus in the oil industry.

One after another, the big supermajors are also starting to scrap their investment plans for 2020 now.

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