March 24, 2020 / 11:18 AM / in 6 days

Refiner Phillips 66 cuts spending forecast

March 24 (Reuters) - Refiner Phillips 66 on Tuesday cut its spending forecast for the year as the coronavirus outbreak and a price war between Saudi Arabia and Russia threaten the oil market with massive oversupply.

Philipps 66 said its consolidated spending for the year is now expected to be about $3.1 billion, a $700 million reduction from its earlier forecast. (Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli)

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