Data: Yahoo Finance; Chart: Axios Visuals

ExxonMobil, citing an "unprecedented environment," said last night that it plans to "significantly" cut spending in light of the coronavirus and the collapse in oil prices.

Why it matters: The oil giant's announcement is the latest sign of how deeply the upended market is affecting the sector.

"It was a stunning reversal for the largest U.S. oil producer, which two weeks ago pledged to 'lean in' to the market drop and maintain outlays in a belief oil demand would rise in the long run."
Via Reuters' Gary McWilliams

What's new: Goldman Sachs analysts now estimate that global oil consumption has fallen by 8 million barrels a day, and they see Brent crude falling to $20 a barrel next quarter, per Bloomberg.

Catch up fast: The oil market has been upended by two huge forces: the deep cuts in travel and the economic fallout from COVID-19 that's cratering oil demand, and the collapse of OPEC-Russia production-limiting deal.

Where it stands: Exxon is among many oil companies large and small announcing major cutbacks.

  • Just yesterday the large U.S. independent producer Pioneer Natural Resources said it's reducing its planned 2020 capital spending by 45%.
  • And a top BP official yesterday said the company could lower its spending by 20%.

What they're saying: In a joint statement, OPEC and the International Energy Agency said they reviewed the effects of the pandemic and price collapse on "vulnerable developing countries."

What they found: "[I]f current market conditions continue, their income from oil and gas will fall by 50% to 85% in 2020, reaching the lowest levels in more than two decades, according to recent IEA analysis." (Emphasis added)

  • "This is likely to have major social and economic consequences, notably for public sector spending in vital areas such as health care and education."

Go deeper: The hurdles facing Trump's planned strategic oil purchase

Go deeper

China led the world in energy growth in 2019

Data: BP; Chart: Axios Visuals

BP's big annual energy data compendium provides a window onto the remarkable growth of China's footprint in global energy markets.

The big picture: "China was by far the biggest individual driver of primary energy growth [in 2019], accounting for more than three quarters of net global growth," the report last week notes.

How retail investors are beating the pros at their own game

Illustration: Sarah Grillo/Axios

Call it the Robinhood effect. In a tectonic shift that shows how the coronavirus pandemic has upended seemingly every part of our reality, millennials and Gen Z have started to abandon video games and sports betting in favor of a new craze: the stock market.

Why it matters: While many have wagged their fingers at what they see as overconfident and underprepared youngsters day trading on their smartphones, the stock market's new school — a collection of sports bettors, the newly unemployed, Reddit aficionados and eager young investors — is growing into a force on Wall Street.

Column / Harder Line

Supreme Court unleashing power over pipelines, natural gas

Illustration: Eniola Odetunde/Axios

A decade of battles against pipelines proposed to crisscross the country is arriving at the Supreme Court.

Driving the news: The court ruled last week on the first such high-profile case, and two other actions also on pipelines are pending before the justices in decisions whose impacts could be far-reaching.