BP has declared that global oil demand may never exceed the level reached in 2019, following the impact of the COVID-19 pandemic this year and an acceleration in the green energy transition. In its annual Energy Outlook report, BP said that ‘peak oil’ may have been...
The oil market slipped yesterday after the International Energy Agency (IEA) lowered its demand prediction for the rest of the year and 2021, based on a surge in new cases of COVID-19 globally. In its latest monthly report, the energy body reduced its 2020 demand forecast...
Saudi Aramco has reported a 73% plunge in profit for the second quarter of 2020, when the COVID-19 pandemic precipitated a collapse in demand for oil as economies around the world went into lockdown. However, the Saudi state-owned energy giant maintains it will pay out US$75...
BP has cut its prized investor dividend in half after reporting a record US$6.7 billion loss in the second quarter of the year, when the COVID-19 pandemic destroyed fuel demand and oil prices. On Tuesday, the British oil major announced that it will "reset" its shareholder...
Total has announced it will take an US$8 billon impairment on the value of its assets, mainly in carbon-intensive oil sands projects, following the collapse in oil demand earlier this year during the COVID-19 crisis. The French energy major slashed its oil and gas price outlook,...
Low oil prices and a sustained economic recovery could bring global oil consumption back to pre-crisis levels and beyond, according to the International Energy Agency’s executive director Fatih Birol. Birol warned governments that the COVID-19 pandemic will only reduce oil demand briefly, with consumption dipping in...
Oil demand could plummet by 15 to 20 million barrels per day (bpd) in the next few weeks according to Russell Hardy, chief executive of the world’s largest oil trader Vitol. Hardy told Bloomberg in an interview that this steep drop-off would contribute to an overall...
Global oil demand could peak within a decade if nations work together to hit climate goals, or keep growing into the 2050s in a conflict-ridden world, according to Norwegian energy firm Equinor. The company, formerly known as Statoil, made the double-edged prediction in its new energy...
Demand for oil will continue to grow at a ‘healthy pace’ for the next five years despite the continued rapid growth in renewable energy, said OPEC secretary general Mohammad Barkindo. Speaking in Kuwait at a preview event for OPEC’s 2017 World Oil Outlook, set to be...
Two major global oil consultancy firms have begun to map out scenarios for if China and India move to ban petrol and diesel cars and accelerate their respective electric vehicle (EV) industries. The two countries comprise of over a third of the world’s population and have...