Oil companies could slash 2016 spending by around 20 percent in the face of a persistent downturn, with North America taking the brunt of the cuts while Middle Eastern and Russian firms are set to raise budgets as their fight for market share continues. As the industry grapples with its worst downturn in three decades, the crisis that has seen thousands of jobs wiped out and more than $200 billion of projects scrapped last year shows no sign of abating as oil prices flirt with 13-year lows of $30 a barrel, down nearly 70 percent from June 2014. Global oil and gas companies plan to cut spending on exploration and production by about 15 percent if crude prices trade in the $45-$50 range, but the cuts could be […]