Low oil prices will test the resolve of the majorsí energy transition plans, but analysts expect the companies' long-term commitments to decarbonization and renewable energy to remain intact.
A dispute between Russia and Saudi Arabia has sent a flood of cheap oil and gas into global markets just as the COVID-19 pandemic is stifling demand.
This market dislocation comes at a time when European oil majors including Shell, Total, Repsol and BP are embarking seriously down a path toward emission reductions and the diversification of their businesses into renewables, e-mobility and other energy services.
Oil companies have been notoriously slow in pivoting their businesses toward cleaner energy sources. Will the current market storm change that? Might it even accelerate the transition?
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