Don’t panic, Shell’s top boss says as low oil prices curb spending forecasts for Dutch supermajor. UPI/Shutterstock/tcly While spending is taking a dramatic hit, Royal Dutch Shell’s chief executive said Thursday there’s no reason to overreact to the bear market for crude oil. Shell followed precedent set by its supermajor rivals by announcing a spending cut of about $15 billion as low oil prices crimp the company’s momentum. Chief Executive Ben van Beurden, however, warned against panicking as oil prices continue trading below the $50 per barrel mark, less than half the June price. “We are taking a prudent approach here and we must be careful not to over-react to the recent fall in oil prices,” he said in a statement. “Shell is taking structured decisions to balance growth and returns.” The company, he said, is delivering where it counts . Upstream, or production, income fell 30 percent year-on-year […]