Shell to cut spending due to drop in oil prices

Royal Dutch Shell is going to cut its spending over the next three years to try and deal with the falling price of oil.

They say capital expenditure will go down by $15bn (£9.9bn) between now and 2017.

The oil company, like some rivals, has already announced some cuts in exploration and production projects, but still intends to drill in the Arctic if permitted.

Jeremy Howell reports.