Oil and gas producer
Director of communications
She says the move is part of a "dynamic response" which includes dramatically lowering activity in the field to address not only the short-term demand destruction and oil price collapse caused by the pandemic but also a feared longer-term slump in demand.
It says in a report that recessionary forces and weaker long-term growth expectations will reduce both corporate and household demand for oil at the same time that consumers embrace increasing use of biofuels, electric vehicles and improved engine efficiency.
"Oil demand may take a long time to recover to 2019 levels due to the combination of weaker economic growth, decarbonization trends and behavioural shifts, increasing the possibility that demand peaked in that year," said
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