ExxonMobil predicts higher output

New York - US oil giant ExxonMobil said on Wednesday it would reduce investment spending by nearly 12% this year in response to lower crude-oil prices, but projected higher production.

Exxon Mobil told analysts in New York that it planned capital spending of about $34bn in 2015, down from $38.5bn on in 2014.

For 2016 and 2017, investments, including on exploration for oil and gas, were projected at around $34bn annually, said the world's largest publicly traded oil and gas company.