Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market flooded with an oversupply of oil. The company said Tuesday its capital investments for this year are expected to be $23 billion, down from the previously announced $33 billion. The price of U.S. benchmark crude oil is down about 60% since
the start of the year, leading companies to announce thousands of layoffs or furloughs. Some domestic oil companies are filing for bankruptcy protection in an industry that was already struggling. The price of crude has had some bounces higher in recent days as hopes build that major producers will agree on production cuts this week and call a truce in a price war that broke out last month.