Big Oil is making big cuts. And now, the U.S.' largest, Exxon Mobil, plans to slash capital spending by 30% this year, cutting deeper than its peers. The largest U.S. oil producer will throttle back its multi-year investment in shale, LNG and deep water oil production.

Driving the cutbacks: A drastic drop in demand and prices. Crude prices have dropped nearly 60% while demand for fuels is falling sharply as countries curb air travel, businesses close, and people stay at home.

Exxon said Monday it now plans to spend $23 billion this year instead of up to $33 billion. But it said it could further cut that if needed, and spending for 2021 could be lowered as well. Over the short term, the oil producer sees global oil demand tumbling by up to 30%. But it believes global demand for oil would ultimately grow.

Shares of Exxon Mobil rose more than 4% in early trading Monday.