Glencore to Cut Down Spending on Coal, Oil

Bloomberg reported that Glencore plc (LSE:GLEN) may slash its spending on coal and oil due to slumps in the prices for those commodities.

As quoted in the market news:

The largest publicly traded commodities supplier has estimated spending on oil projects for this year and next of $2 billion and $1 billion on coal expansions, HSBC analyst Ash Lazenby wrote today in a note. The company’s current spending estimate on expansions at all operations through to the end of 2016 is $6 billion, he said.

Click here for the full Bloomberg report