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Oil price has dropped below USD 28: Oil major scales down investments substantially

The price of a barrel of oil currently hovers at below USD 28 after going by close to 50 percent in March. Recently merged oil company Wintershall DEA now lowers its investment level for 2020 significantly.

Wintershall DEA CEO Mario Mehren at a previous press conference. | Photo: Wintershall/Bernd Schoelzchen

German oil and gas major Wintershall DEA slashes its investment budget big-time in light of the current dramatic slide in the oil price.

The past weeks have been disastrous for the oil market, as a price war with Saudi Arabia and Russia as the main players has in March alone almost cut the oil price in half, and on Wednesday at noon CET it hovered at less than USD 28, surpassing the low-point in January 2016 following the oil price collapse.

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