Canadian oil and gas producer Husky Energy followed rivals and cut its 2020 capital spending budget by C$900 million on March 12, citing challenging global market conditions.

The company said it now expects to spend between C$2.3 billion and C$2.5 billion in 2020, down from its previous guidance of C$3.2 billion-C$3.4 billion.

Calgary, Alberta-based Husky also lowered its 2020 annual production forecast to about 275,000-300,000 barrels of oil equivalent per day (boe/d), compared with its prior forecast of about 295,000-310,000 boe/d.

Earlier this week, major rivals Cenovus Energy and MEG Energy also announced cuts in their 2020 capital budgets, after crude prices slumped to their lowest levels in more than three years.