BP cuts spending by quarter, lowers U.S. shale output
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LONDON (Reuters) - BP on Wednesday cut its 2020 spending plans by 25% and will reduce output from its U.S. shale oil and gas business in the face of the collapse in oil prices triggered by the corononavirus outbreak.BP and other big oil and gas companies are having to rein in spending sharply following the collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia."This may be the most brutal environment for..