ConocoPhillips slashes oil output and spending plans

FINANCIAL TIMES 🔒| ConocoPhillips has slashed its spending plans and announced the biggest oil output cuts yet by a US energy producer as the sector retreats in the face of historic demand losses and plummeting prices. Conoco said it would “voluntarily curtail” 225,000 barrels a day — almost a fifth of its recent total — across North America. The planned reduction would be greater than that of most countries involved in the Opec+ deal agreed at the weekend, the biggest-ever cuts agreement.

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