August 5, 2020

Coronavirus speeds up big oil’s shift to green

Paris (AFP) – With oil prices blasted by a double blow of oversupply and demand throttled by the coronavirus crisis, some industry giants are eyeing less polluting investments as bets on a less hydrocarbon-heavy future.The world’s top five oil firms — BP, Chevron, ExxonMobil, Royal Dutch Shell and Total — reported combined losses of $53 billion for the second quarter in recent days.BP announced it would cut production by the equivalent of a million barrels of oil per day until 2030 as part of a plan to reach “net zero” greenhouse emissions by mid-century.”If there was ever a moment to reset,…


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