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The Organization of Petroleum Exporting Countries said in its latest monthly market report it estimated about $290 billion was cut from spending plans across the globe in the last year. (AFP/File)

May 15th, 2016 - 11:30 GMT

Oil exploration and production spend to be halved over next two years: OPEC

The industry is expected to invest around $40 billion per year in exploration and appraisal, less than half its investments during 2012 to 2014, according to OPEC.