Total to Cut Spending

Total to Cut SpendingTotal to Cut Spending

French oil and gas giant Total will cut capital spending by 10% this year in response to the falling oil prices, according Arabian Oil & Gas. Capital spending is expected to fall between $2bn and $3bn from last year’s total of $26 billion. The cost- reduction plans are posed to slash 30% off Total's exploration budget from $2.8 billion to less than $2b.