International Energy Administration (IEA) has estimated that globally, companies would cut their 2015 spending on new oil and gas production projects by more than $100 billion, a decline of over 20 per cent compared with 2014.IEA Executive Director, Fatih Birol, who made this disclosure on Wednesday to the Chinese Academy of Social Sciences in Beijing, stated that with the recent dip in oil prices, oil companies are preparing for further cuts as they revisit their spending plans.
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