Shell Cuts Spending Plans Further

The transcript discusses Shell's strategic response to market challenges, focusing on cost-cutting and investment strategies. Shell plans to reduce its capital expenditure significantly, aiming for a range of $25 to $30 billion by 2020. Concerns are raised about the impact of reduced investment on future oil prices. Shell remains cautiously optimistic, targeting a $60 per barrel oil price by 2020, but is not bullish about reaching $100 per barrel. The company is focused on digesting its recent major acquisition without issues.

What oil price does Shell expect to reach by 2020, and what does this indicate about their outlook?

What was the significance of Shell's recent acquisition in the energy industry?