Big Oil confronts possibility of terminal decline
IEA forecasts average daily oil demand will drop by 8% this year due to airline industry uncertainty
Mivielle, Paris
ALTHOUGH crude prices have rebounded from Covid-19 crisis lows, oil executives and experts are starting to ask if the industry has crossed the Rubicon of peak demand.
The plunge in the price of crude oil during the first wave of novel coronavirus lockdowns - futures prices briefly turned negative - was due to the drop in global demand, as planes were parked on tarmacs and cars in garages.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Glencore-backed group said near deal for Shell Singapore assets
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop
Oil settles near 7-week lows, focus shifts to economy
Exxon-Pioneer deal gets green light from US FTC, Pioneer exec barred from board
Shell maintains pace of buybacks as profit beats estimates