The combination of the Covid-19 crisis and an exceptionally mild winter in the northern hemisphere have put global demand for natural gas on course for its largest annual decline in history. According to the International Energy Agency.
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BP’s new CEO Bernard Looney stated at Reuters that the company will cut about fifteen percent of it’s workforce. Part of this decision has to do with the drop in demand of oil due to the Covid-19 crisis. But also the shift to renewables forces the company to take measurements.
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Social distancing is directly affecting global travel, logistics and material handling, as well as potentially creating gaps along the oil and gas supply chain that will take some time to fix, says analytics company GlobalData. The company’s report, ‘Coronavirus (COVID-19) Case Study: Impact on Oil & Gas Supply Chain’, notes that global trade and transportation […]
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