for Oil Demand
Even after historic cuts, lower demand means the oil market is still under pressure.
BP believes evolving policy, technological advances and COVID-19 mean peak oil demand will be reached in the 2020s—or has already happened.
Oil prices fall as the summer driving season ends, inventories remain high and refineries worldwide struggle with overcapacity.
In a sign of the times, ExxonMobil has been replaced on the Dow Jones Industrial Average by tech company Salesforce.
The oil market is close to rebalancing, and one big factor has been the steep decline in U.S. shale production.
OPEC+ is ramping up production just as the demand outlook has begun to deteriorate.
Behind the billions of dollars in write-downs is a substantially gloomier assumption about the long-term trajectory of the oil market.
The Dakota Access pipeline shutdown could remove 570,000 barrels per day of takeaway capacity from the Bakken shale formation.
With global demand perhaps permanently scarred from the pandemic, the U.S. oil industry may have already peaked.
While almost every other industry increased employment, the number of people working in the U.S. oil and gas sector continued to fall.