Oil majors will be under pressure to slash their investment plans and cut shareholder payouts this year as oil prices tumbled to multi-year lows Monday after Saudi Arabia launched a new gambit for market share in the wake of the OPEC+ deal breaking down. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Share prices of global oil companies slumped by over 20% at market open Monday in response to ICE Brent crude futures collapsing more than 30%. Front-month Brent, which had already shed over 25% in value since late January, dived amid expectations of a price war for market share after Saudi Arabia slashed the price of its crudes over the weekend. Brent crude is now expected to average just $33/b […]