Shell became the latest oil major to announce significant spending cuts to protect its balance sheet from crashing oil prices, joining other majors such as Exxon in the drive to optimize costs at oil below $30 a barrel. On Monday, Shell said it was reducing its underlying operating costs by US$3-4 billion per year over the next 12 months compared to 2019 levels. The supermajor will also cut capital expenditure to US$20 billion or below this year, down from originally planned level of around US$25 billion, and will slash working capital. “As well as protecting our staff and customers in this difficult time, we are also taking immediate steps to ensure the financial strength and resilience of our business,” Ben van Beurden, Chief Executive Officer of Shell, said in a statement. “The combination of steeply falling oil demand and rapidly increasing supply may be unique, but Shell has weathered […]