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Photo: Justin Sullivan/Getty Images

Chevron this morning said it's slashing its planned 2020 capital spending by $4 billion — roughly 20% — and suspending share buybacks, making it the latest multinational giant to announce cutbacks as global oil demand craters.

The state of play: Chevron, the second-largest U.S.-based oil company, said around $2 billion of the cuts would be focused on shale, largely in the Permian Basin region.

  • More broadly, companies of various sizes are announcing spending cuts as they grapple with the stunningly fast changes in oil markets.
  • European-based multinationals Shell and Total recently unveiled deep cuts and suspension of share buybacks.

The big picture: The travel and economic freeze from coronavirus, combined with the collapse of the Saudi-Russia output-limiting deal, is upending the oil sector as prices have collapsed.

  • Analysts are racing to keep up with how much the global appetite for oil will fall this year, with many projections seeing a loss of millions of barrels per day.
  • A number of projections show a near-term decline in the 10 million barrel per day range.
  • For instance, the firm Thunder Said Energy sees a Q2 drop of 11.5 million barrels per day and a full year-over-year decline of 6.5 million.

Go deeper: AI energy startup Worlds snags Chevron and Petronas as backers

Go deeper

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

The Fed could be firing up economic stimulus in disguise

Federal Reserve governor Lael Brainard at a "Fed Listens" event. Photo: Eric Baradat / AFP via Getty Images.

Even as global growth expectations increase and governments pile on fiscal spending measures central bankers are quietly restarting recession-era bond-buying programs.

Driving the news: Comments Tuesday from Fed governor Lael Brainard suggest the Fed may be jumping onboard the global monetary policy rethink and restarting a program used following the 2008 global financial crisis.

Democrats' hypocrisy moment

Illustration: Eniola Odetunde/Axios. Photo: Ray Tamarra/Getty Images

Gov. Andrew Cuomo should be facing explicit calls to resign from President Biden on down, if you apply the standard that Democrats set for similar allegations against Republicans. And it's not a close call.

Why it matters: The #MeToo moment saw men in power run out of town for exploiting young women. Democrats led the charge. So the silence of so many of them seems more strange — and unacceptable by their own standards — by the hour.

Police officers' immunity from lawsuits is getting a fresh look

Illustration: Aïda Amer/Axios

Nearly a year after the death of George Floyd, advocates of changes in police practices are launching new moves to limit or eliminate legal liability protections for officers accused of excessive force.

Why it matters: Revising or eliminating qualified immunity — the shield police officers have now — could force officers accused of excessive force to personally face civil penalties in addition to their departments. But such a change could intensify a nationwide police officer shortage, critics say.