Oil majors cut 2020 spending by 22% after prices slump

LONDON (Reuters) - The world's biggest oil and gas companies are cutting spending this year following a 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.Cuts announced by nine major oil companies, including Saudi Aramco , Exxon Mobil and Royal Dutch Shell , come to a combined $38 billion, or a drop of 22% from their initial spending plans of $175 billion.Exxon on Tuesday cut its 2020 budget by $10..