The idea that crude oil could ever again hit three-digit price levels may sound ridiculous at a time when slack demand amid a pandemic has oil stuck in the $50s. Yet one thing any market is not is static, and many expect vaccines to boost demand before this year’s end. In fact, some are warning about a looming oil deficit. And Big Oil is slashing exploration activities. Reuters reported this week, citing data from Rystad Energy, that new onshore and offshore lease acquisitions by the world’s top five oil companies fell to the lowest in at least five years in 2020. Of course, much of this decline was caused by the pandemic, but it is also the pandemic that is spurring a potentially permanent change in the agenda of Big Oil. BP has decimated its oil and gas exploration team, another report by Reuters, citing company sources, also revealed […]