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Big Oil Gets Serious on Cost Cuts in Worst Slump Since 1986

2015-01-19 06:12:17| Electronics - Topix.net

Major oil companies are awaking from their slumber and facing up to the magnitude of the crash in crude prices. From Royal Dutch Shell Plc canceling a $6.5 billion project in Qatar to Schlumberger Ltd. firing about 9,000 people and Statoil ASA giving up exploration in Greenland, the oil industry this week concluded that the slump is no blip.

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