March 10, 2020 / 11:11 AM / 25 days ago

Marathon Oil cuts drilling activity, spending

March 10 (Reuters) - Marathon Oil Corp said on Tuesday it was scaling back its drilling activity in some areas and cut its spending by at least $500 million, joining other shale oil producers in reducing drilling as oil prices tumble to historic lows.

Crude prices suffered their biggest one-day rout since the 1991 Gulf War on Monday, as top oil producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply.

Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli

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