Global Oil To Cut Spending By $130 Billion, Opec Says

Global oil investments are set to be slashed by a staggering $130 billion this year, crimping supplies and ultimately boosting prices, OPEC’s chief said Tuesday, and added that he was open to discuss the current oil market turmoil with the U.S. The remarks come as many members of the Organization of the Petroleum Exporting Countries have been running deficits as they fight for market share against American tight oil instead of oil prices.

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