Last May, Bernard Looney, the CEO of BP, said that “the coronavirus hit to crude consumption was likely to endure beyond the pandemic- and may have even ushered in “peak oil” demand (See FT, 13/5/2020). A few weeks later Rystad Energy’s 2020 annual review of world oil resources revealed that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result the world’s recoverable oil will be reduced by around 282 billion barrels. Rystad further noted that global total expected remaining recoverable oil resources will decrease to 1,903 billion barrels. Although the reaction to the above predictions was mixed, with cries of jubilation and relief from the green lobby which now confidently predicts “the end of oil”, to signs of consternation and anxiety in the oil sector, the truth of the matter is that the current situation gives […]