OREANDA-NEWS. Oil companies around the world began to reduce investment amid falling commodity prices below $ 30 per barrel. The Russian industry can follow the example of international large oil companies and cut budgets by 10-20% in 2020.

ExxonMobil, Chevron, Saudi Aramco, Shell, Eni, Equinor and other international oil majors have already announced plans to tighten their belts due to falling oil prices. Their capital and operating costs will be reduced within 25%. In addition, companies suspend the launch of new projects and share buyback programs.

"If oil prices do not begin to recover in the near future, Russian companies will also have to revise budgets - they may well be 10-20% lower in rubles than originally planned", said Dmitry Marinchenko, director of corporations at Fitch, an international rating agency. In his opinion, this is bad news for oilfield services companies that may face a drop in the cost of services and worsening payment conditions.