A Total SA petrol station is seen in Paris, France Total , the French oil and gas giant, plans to reduce group-wide capital spending by 10 per cent this year and speed up billions of dollars in asset disposals, under an accelerated cost-cutting plan led by new chief executive Patrick Pouyanné . The move comes as thousands more job cuts were announced in the energy industry on Tuesday, with Baker Hughes , the oilfield services provider being acquired by Halliburton in a $26.8bn deal, saying that it would lay off 7,000 employees. Global crude prices have tumbled nearly 60 per cent since June to trade at less than $49 a barrel, as a result of weaker growth in demand for oil, booming US shale production and Opec’s decision in November not to cut output. In a Financial Times interview, Mr Pouyanné — appointed to the top role at Total […]