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Recent developments & 1Q20 Trading Update
Recent developments
In light of the ongoing sharp drop in global oil products demand and prices, Galp is targeting significant reductions in cash spending over the next few quarters.
Some of the initiatives are already in place, whilst others will be implemented as per the evolution of market conditions. Compared to previously announced guidance, Galp’s Capex + Opex is now expected to be reduced by over €500 m per annum during each of 2020 and 2021.
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