Quoting Reuters, the world’s biggest oil and gas companies are slashing spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the top exporters Saudi Arabia and Russia.

Cuts already announced by five major oil companies including Saudi Aramco and Royal Dutch Shell come to a combined $19 billion, or a drop of 18% from their initial spending plans of $106 billion.

Norway’s Equinor said on Wednesday it would cut capital expenditure, or capex, by some $2 billion while Chevron said on Tuesday it would slash its capex this year by $4 billion.

Oil prices have slumped 60% since January to below $30 a barrel. Brent crude LCOc1 was or 1.7% at $26.70 per barrel today as faltering fuel demand outweighed a massive pending U.S. economic stimulus package.