Oil and gas firms cut costs further as recovery falters

London

AFTER a brief respite at the start of the year, the world's top oil and gas companies are set to double down on cost cutting as a recovery in crude prices after a three-year slump falters.

Corporate hopes were raised by a deal between members of the Organization of the Petroleum Exporting Countries (Opec) and other non-Opec producers to cut production, which lifted oil prices above US$58 a barrel in January, after they had slid to as low as US$27 in 2016.

But Brent crude prices have since slipped back below US$50 and banks have lowered price forecasts, amid surging output from the United States and other natio…