Royal Dutch Shell will cut its spending by another 10% this year as it warned lower oil prices were continuing to affect its business. The company said it would reduce investment to $30b from a planned $33b.

Brazil's state- owned oil company Petrobras is marketing offshore oil and natural gas fields worth as much as $2b as part of its plan to sell assets and pay down debt. The company also aims to raise $14.4b from asset sales this year.

US energy giant Chevron said it was further cutting spending plans for 2016-2018 to address low oil and natural gas prices that are hammering its profits. The company will also slash 10% of its workforce in 2016.

Iraq has formally asked oil companies investing in the country to reduce their 2016 spending plans by September 30, citing lower oil prices and government revenue

There are conflicting reports emerging over the financial state of the kingdom of Saudi Arabia thanks to Brent price of oil sinking to below $50 a barrel.

The government of the United Arab Emirates is expected to cut spending by 4.2% this year as it begins to retrench because of low oil prices