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

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 32,390,204 — Total deaths: 985,302 — Total recoveries: 22,286,345Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m ET: 7,020,967 — Total deaths: 203,481 — Total recoveries: 2,710,183 — Total tests: 98,476,600Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.
Mike Allen, author of AM
3 hours ago - Politics & Policy

Biden pushes unity message in new TV wave

A fresh Joe Biden ad, "New Start," signals an effort by his campaign to make unity a central theme, underscoring a new passage in his stump speech that says he won't be a president just for Democrats but for all Americans.

What he's saying: The ad — which began Friday night, and is a follow-up to "Fresh Start" — draws from a Biden speech earlier in the week in Manitowoc, Wisconsin:

Trump prepares to announce Amy Coney Barrett as Supreme Court replacement

Judge Amy Coney Barrett. Photo: Matt Cashore/Notre Dame University via Reuters

President Trump is preparing to nominate federal appeals court Judge Amy Coney Barrett of Indiana, a favorite of both the social conservative base and Republican elected officials, to succeed Justice Ruth Bader Ginsburg, Republican sources tell Axios.

Why it matters: Barrett would push the already conservative court further and harder to the right, for decades to come, on the most important issues in American politics — from abortion to the limits of presidential power. If confirmed, she would give conservatives a 6-3 majority on the high court.