Oil majors slash 2020 spending 20% after prices slump

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 and Royal Dutch Shell come to a combined $25 billion, or a drop of 20% from their initial spending plans of $27 billion (22.7 billion pounds).Norway's Equinor said on Wednesday..