Eni plans to cut investments and sell down stakes to help it prop up dividends. Company's CEO said the disposals will be mainly through the dilution of stakes in recent discoveries, picking out gas fields in Mozambique and Egypt as prime candidates.

South African petrochemicals company Sasol said its earnings in the first-half of the current fiscal year dropped by 24% amid low oil prices and the company will cut its interim dividend by almost 19% in line with its cash conservation plan.

Spain’s largest oil company, Repsol, lowered its dividend after revealing a $2.2b quarterly loss. The group reported a $1.4b net loss for 2015 and it is the third time in less than six months that Repsol has taken steps to prop up its finances and protect its credit rating.