Saudi Aramco is tightening its belt. In a March 21 earnings call, the world’s largest state-owned oil company reported a 44% decline in net profits in 2020 thanks to the pandemic. With global oil demand unlikely to bounce fully back until at least 2022, the company said it will shave up to $10 billion off its capital spending plans this year.It’s not alone. ExxonMobil announced a similarly-sized spending cut earlier this month. Globally, fossil fuel companies’ spending on “upstream” activities (finding and producing oil and gas) fell by nearly one-third in 2020, according to a new analysis from Rystad Energy, a research firm.Meanwhile, spending on solar and wind farms is setting new records
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