Oil companies are now starting to put figures on the size of the expected cuts set to hit the industry and not least the numerous affiliated subcontractors. The rock-bottom crude prices hurt Russia's Gazprom and the company's ability to complete planned investments, says Gazprom in a statement.
Dutch Shell published a disappointing 4th quarter result on Thursday, and the company is also announcing large-scale cuts in new projects for the coming years. Shell failed to meet analysts' expectations for the 4th quarter in spite of an improved bottom line, reports Bloomberg.
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