Eni SpA promised more cost cuts as the recent plunge in global crude prices claimed another major oil industry casualty, tripling the Italian company’s fourth-quarter net loss. To confront the continued low price of crude, Eni said it would shave capital expenditures by 20% in 2016, after trimming costs by a similar amount last year. Italy’s largest company by market value, will also reduce exploration, renegotiate contracts with suppliers and delay some projects in countries including Iraq and Venezuela. Like other oil exploration companies, Eni has been forced to realign its strategy to adjust to cheap crude, which most analysts predict won’t return to $50 a barrel within the year. The company had been forecasting crude at $90 a barrel for the period 2016-2019, but reduced that to $60 a barrel. With Brent crude, the global benchmark, trading Friday not far from a 12-year low , Eni is still […]