Offshore rig owners face a glut of new drilling vessels entering the market as customers cut spending.
by Dalan McEndree Russian oil producers cannot stand continued low oil prices for as long as the Saudis can.Global Economy,oil,OPEC,Rosneft,Russia,Saudi Arabia,Saudi Aramco,Michael Lerner
Capital outlays that peaked at $42.5 billion in 2013 have been reduced by 45% amid low crude oil prices.
The firm also said it would cut 7,000 jobs by the end of 2017, or nearly 9% of its workforce.
Russia said Saudi Arabia had proposed oil production cuts of up to 5%, but nothing definite has been set.
More than 83% of Shell shareholders voted in favor of the firm's biggest purchase ever.
Says the rejection was "arbitrary and unjustified," and that Obama exceeded his constitutional powers.
The job cuts would be in addition to the elimination of 7,500 positions at Shell announced earlier this year.
Halliburton is in discussions with the U.S. DoJ, which will likely delay a close from this year to next.
Halliburton further cut its 2015 capital budget by $200 million to $2.4 billion amid low oil prices.
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