Shell oil to cut spending by $15b

Author: CNN
MGN Online

ATLANTA (CNN) – More bad news for the struggling oil industry. The royal dutch Shell says it will cut spending by $15 billion over the next three years.

The move comes after the company announced that fourth quarter net profits fell 57-percent from last year.

A number of energy companies have announced cuts amid falling oil prices.

Oil is currently trading around $45 a barrel, down from over $100 last summer.

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