The crude oil industry is dealing with the dual shocks of a Saudi Arabia-Russia price war and a coronavirus-linked slump in demand. That’s led Saudi Aramco to “rationalize our planned 2020 capital spending” according to CEO Amin Nasser. A sign of the demand downturn can be seen in a refinery output reduction in Los Angeles by Phillips 66 according to Reuters. U.S. oil imports fell 6.9% year over year in January, with Saudi deliveries representing just 5.3% of the total after a 23.5% year over year slump. Philipps 66 represented 31.4% of U.S. seaborne imports from Saudi Arabia, while Saud...