Estimate-beating profits and solid cash positions were marks of the first half of the year for Big Oil majors and for their smaller rivals, too. A strong rebound in fuel demand pushed oil prices so high that clean energy proponent President Joe Biden had to reach out to OPEC+ to ask for more oil. According to Wood Mackenzie, this is the best time for Big Oil to accelerate its decarbonization efforts. “It’s incredibly rare for an industry to get decades-long notice that its business is under threat,” the consultancy wrote in a report titled CO ? mmit and CO ? llaborate: Squaring the carbon circle for oil and gas . “Firms cannot ignore the inevitable; the only strategic dilemma is timing and pace,” the authors of the report added. That oil and gas will continue to be around for years and probably decades to come is clear for anyone […]