BP has slashed its upstream capital expenditure for the year by a third compared with a previous forecast as the UK supermajor looks to rebalance in 2017 at an oil price of no more than $55 per barrel.
The London-based giant, which posted a net loss of $1.4 billion for the second quarter, has made the reductions by cutting development costs and paring back on exploration, but could look to cut spending further in select US and Middle East plays.
Spending
