Oil companies Rein in Spending on Lower Oil Prices

 Oil companies have been cutting back on their capital expenditure budgets as a result of lower-than-expected oil prices this year, according to the International Energy Agency. In its monthly report for July, the agency surveyed recent earnings reports for 17 U.S-focused oil and gas producers, which showed the companies cut thei capex budgets by as much as $1.7 billion combined. However, the IEA also found"further productivity gains and increased efficiency and capital discipline"by the companies, which should allow them to "boost their output goal without additional spending."