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Page added on May 12, 2020
BP chief weighs odds of ‘peak oil’ demand
BP’s new chief executive said the coronavirus hit to crude consumption was likely to endure beyond the pandemic — and may even have ushered in “peak oil” demand. Bernard Looney, who took the top job at the UK energy major in February, told the Financial Times that the Covid-19 crisis was only “adding to the challenges of oil in the years ahead”, as travel bans and lockdowns slash consumption by a third from pre-crisis levels of roughly 100m barrels a day. “It’s not going to make oil more in demand. It’s gotten more likely [oil will] be less in demand,” Mr Looney said, noting that use of technology that enables remote working, cutting the need for travel, could persist. “I don’t think we know how this is going to play out. I certainly don’t know,” he said. “Could it be peak oil? Possibly. Possibly. I would not write that off.”
The oil industry is assessing how much of the slump in demand sparked by coronavirus may become permanent. BP said last year it expected consumption to grow over the next decade before plateauing in the 2030s. BP, which derives the bulk of its cash from oil, reported a 66 per cent drop in earnings in the first quarter and like other supermajors has been forced into cash conservation mode.
It has issued billions of dollars in debt, cut spending and delayed project approvals to preserve dividend payouts, which analysts believe have become unsustainable. The company is facing its latest crisis just as Mr Looney seeks to overhaul its business model and longer-term strategy for a world that demands fossil fuel companies take more accountability for climate change. 66% BP’s percentage drop in earnings in the first quarter He said the pandemic had bolstered his “personal conviction” of the need to shift strategy. BP is expected to invest more in low-carbon energy and less in hydrocarbons as part of a new pledge to become a net zero emissions company by 2050. Mr Looney noted that as crude prices have plunged, renewable energy projects had been able to attract funding, suggesting the pandemic has weakened the investment case for oil. “It’s the model that is increasingly respected and admired by investors as being resilient and having a different risk profile,” he said. BP’s board wants to present a renewed approach at its annual meeting this month after last year’s gathering saw the company at odds with investors who demanded targets on emissions and greater disclosure on how the business aligns with the Paris climate goals.
It is still unclear how BP, whose shares recently fell to a 24-year low, plans to execute its strategy. Analysts question whether its heavy debt load, among the highest in the sector, will allow for the kind of change Mr Looney is after. In the shorter term, bankers and investors question whether the company will follow Shell in cutting or rebasing its dividend to give it more room to manoeuvre, particularly if oil prices stay low and asset sales remain difficult. “Shell’s dividend policy action makes it easier for others to follow at a time when there is a very real focus on balance sheet strength and liquidity,” said Francois Austin, head of the energy practice at consultancy Oliver Wyman. Mr Looney said that while there was “significant” interest in the company’s next move, he would not comment on the direction BP would take, saying only it would review dividend policy quarter by quarter.
23 Comments on "BP chief weighs odds of ‘peak oil’ demand"
The Nationalist on Tue, 12th May 2020 8:57 pm
These evil shits plan to pump 100mbpd of oil to the mid 2030s!
This proves mankind is completely insane.
Why were people not working from home before?
If everyone lives in cities why are electric cars not used. Here in Australia most are ultra conservative and the thought of something new scares them. This is why nobody buys a electric car for their commute.
Who here agrees ?
j on Tue, 12th May 2020 9:28 pm
The Missouri River is running at its lowest point in the last 1,220 YEARS due to less snow melt in the Rockies, sparking fears of a midwest mega-drought
ouch supertard president rock wind turbines removed so much energy from the atmosphere that it couldn’t push mosture up to upper missouri river basin (n/s dakota, montana)
makati on Tue, 12th May 2020 9:31 pm
Juan, go fuck yourself
l on Tue, 12th May 2020 9:46 pm
makati on Tue, 12th May 2020 9:31 pm
supertard, pleas respet supertard jaunp
asg70 on Tue, 12th May 2020 10:37 pm
I see the news comments remain a complete shit-show.
makati1 on Wed, 13th May 2020 12:00 am
asg70, obviously the lock-down in Amerika is getting to the deluded sheeple even more than usual. But then, it is a country on the slide down to the 3rd world and maybe worse. It’s fun to watch from the ‘cheap seats’ here in the Philippines.
That $1,200 check, I received, covers two months of my expenses. Now there is talk of another one and maybe much more in the future. I’ll take every cent and exchange it to Philippine Pesos asap and be glad I can avoid the inflation the added trillion$ will cause in the not too distant future in Amerika. The lost GDP in the first quarter of 2020 is about .05% here, not the 5% plus loss that the US enjoyed. More to come….
Abraham van Helsing on Wed, 13th May 2020 12:59 am
“use of technology that enables remote working, cutting the need for travel, could persist.”
Of course it could. Perhaps working from home is a bad idea, but walking to a local office building to your private cubicle and logging on to your computer with 2-3 large screens and ultra-highspeed internet connection and be a part of the company intranet, the base office of which is maybe hundreds of kilometers away, THAT might very well stay and make dreadful 2-3 hours commuting each day superfluous. I worked for several companies, as an IT-contractor, and have worked like this for years, among them for AT&T. Having daily group-meetings with people all over the Netherlands and Belgium was the norm. And so is being on the phone with India, who do all the remote systems support. There is no need to sit in the same office with other techies if working via the cloud is standard anyway.
“BP is expected to invest more in low-carbon energy and less in hydrocarbons as part of a new pledge to become a net zero emissions company by 2050.”
That makes sense, just follow the example of Shell and become a renewable energy company.
“BP said last year it expected consumption to grow over the next decade before plateauing in the 2030s.”
Really? I don’t think so. Renewables are going to kick in, deglobalisation has begun in earnest and so will climate change.
“Bernard Looney”
Enough said.
Abraham van Helsing on Wed, 13th May 2020 1:15 am
Oops, more bad news for BP:
https://www.spiegel.de/wirtschaft/unternehmen/tui-streicht-in-der-corona-krise-8000-stellen-a-053a1360-1ef1-4387-abf4-b60e1b8250c6
One of the largest European tourist companies kicks out 8000 employees (10% workforce).
#MakeLifeLocalAgain
More bad news for BP (and other oil majors):
The 5000 employees of Twitter will be allowed to work from home “for ever”, will get a subsidized home office:
https://www.spiegel.de/wirtschaft/unternehmen/twitter-mitarbeiter-duerfen-fuer-immer-von-zuhause-arbeiten-a-065aa5a4-d33b-4f8e-afc3-947f92b972c0
More bad news for BP:
https://www.spiegel.de/wissenschaft/mensch/klimawandel-warum-die-neuesten-berechnungsmodelle-heisslaufen-a-6a556e48-fa5f-4a48-b2cb-dc582a95022c
New scientific models show that climate change is going to be worse than feared and that the Paris goals (stay within 2C) are probably unrealistic. It looks like Holland is going to suffer yet another year of drought:
https://www.volkskrant.nl/nieuws-achtergrond/wetenschappers-slaan-alarm-droogte-is-een-sluipmoordenaar~bc1b07f0/
Solutions: move from field agriculture to horticulture in green houses, build a national water-pipe grid that is fed from a sufficient large basin, the IJsselmeer:
https://nl.wikipedia.org/wiki/IJsselmeer
Green houses (“kassen”) are fairly easy to robotize, as we are not only running out of water, we are also running out of Eastern Europeans to bring in the harvest:
https://www.goedemorgengroente.nl/groenten/nieuws/robots-nemen-werk-in-kassen-over/
Abraham van Helsing on Wed, 13th May 2020 1:26 am
More bad news for BP: Holland has gone bananas:
https://www.wur.nl/nl/nieuws/Duurzame-bananen-uit-de-kas-eerste-Nederbananen-geoogst.htm
No need to ship bananas from the other end of the world, we can create our own tropics, apparently more than we would care for.
I have bought last week a lemon tree and orange tree for my own green house. Thinking of building a second one. Had to resist the temptation yesterday of buying that 350,- fig tree.
Abraham van Helsing on Wed, 13th May 2020 1:38 am
Huge green houses in Kazakhstan provide vegetables for Siberia:
https://www.youtube.com/watch?v=6XmVmGv-L2Y
(Sorry for the plug)
Earth is replaced by rock wool, watering via an automated dripping system. You have far less trouble with plant sicknesses. Fruit and vegetables can be picked while standing rather than bowing. Water consumption is low. You can bring production nearer tot cities and its consumers. You can produce all year around.
Abraham van Helsing on Wed, 13th May 2020 2:31 am
Donnie gives the green light to the largest beautiful clean solar power plant on US soil and 10th world wide:
https://cleantechnica.com/2020/05/12/mammoth-solar-power-plant-drives-another-nail-into-us-coal-coffin-guess-whos-holding-the-hammer/
“Mammoth Solar Power Plant Drives Another Nail Into US Coal Coffin: Guess Who’s Holding The Hammer”
690 MWp
That smack you heard was from the toppled over stool with which two-legged Christmas pudding Michael Moore just hanged himself.
#PlanetOfTheHumans
joe on Wed, 13th May 2020 3:20 am
Put ‘Big’in front of an industry name and youll find a liberal will be against it. ‘Big Solar’. My guess is that the ‘plant’ will be a loss leading subsidised state capialist potemkin village.
makati1 on Wed, 13th May 2020 3:20 am
My last post 12:00am.
Abraham van Helsing on Wed, 13th May 2020 11:05 am
Germany wants to to boost wind energy installations in two ways, offshore and onshore:
https://www.rivieramm.com/news-content-hub/germany-agrees-big-boost-to-offshore-wind-and-green-hydrogen-plan-59322
“Germany agrees big boost to offshore wind capacity”
Pomerania and Schleswig-Holstein have agreed with the federal government and the country’s transmission system operators 50Hertz, Amprion and TenneT to expand offshore wind capacity to 20 GW by 2030
https://www.cleanenergywire.org/news/german-econ-minister-proposes-levies-cheap-electricity-wind-power-communities
“German econ minister proposes levies, cheap electricity for wind power communities”
Davy on Wed, 13th May 2020 11:53 am
the covid liquid farts virus has reached the Davy household.
If I dont make it Makati can have my collection of little red books and Barry Manilow lp’s.
Makati1 on Wed, 13th May 2020 11:56 am
shucks thanks Davy 🙂
to be honest I havent got long left myself. Luckily I bought some toilet paper last week but Im almost out. 12 rolls in the last 2 days!
The smell is awful and I cant smell the street filth anymore so it must be bad.
Cloggie on Wed, 13th May 2020 11:59 am
Here in Holland our toilet paper is the best.
I had the liquid farts for three weeks but pulled through as I am awesome!!
My solar today produced 22kw and my wind generator snapped off! 🙂
GoSpeedRacer on Wed, 13th May 2020 12:02 pm
Youre not getting my fucking Barry Manilow collection!
They will be buried with me and my burned couches mother lickers!
Abraham van Helsing on Wed, 13th May 2020 3:13 pm
German news: flying will never be like before. Considerable price increases after Corona.
Rather than ABC-DEF it is going to be: A-C-D-F
Price fighter airlines will go bust.
Large airlines like Lufthansa will be nationalized in return for a bail out.
Bye-bye Ryan Air.
Davy on Wed, 13th May 2020 3:23 pm
Obama needs to be impeached and lose his Presidential privileges. Let’s especially make sure his wife does not run for President.
“From RussiaGate To ObamaGate & The End Of Boomerville”
https://tomluongo.me/2020/05/12/from-russiagate-to-obamagate-end-boomerville/
“From the beginning of the story RussiaGate was always about Barack Obama. I didn’t always see it that way, certainly. My seething hatred for all things Hillary Clinton is a powerful blind spot I admit to freely. But, it’s clear that Obama was always the vector through which the entire investigation into Donald Trump pointed. He’s the only one with the power to have marshaled the forces arrayed against Trump for the past four years. We’ve known this for a couple of years now but there were a seemingly endless series of distractions put in place to obfuscate the truth…Donald Trump was not a Russian agent. What’s clear now is the President Obama’s administration was regularly engaged in illegally using NSA database access to spy on Americans and political opponents. This operation pre-dates Trump by a few years. It was de rigeur by the time the election cycle ramped up in 2016. The timing of events is during that time period paints a very damning picture. This article from Zerohedge by way of Conservative Treehouse lays out the timing, the activities and the shifts in the narrative that implicate Obama beyond any doubt. On April 18, 2016, following the preliminary audit results, Director Rogers shut down all FBI contractor access to the database after he learned FISA-702 “about”(17) and “to/from”(16) search queries were being done without authorization. Thus begins the first discovery of a much bigger background story. And that’s when everything changed. Because at that point, having lost access Obama’s spy team needed another way into the NSA database. Enter Fusion GPS, Christopher Steele and the ridiculous dossier used to issue FISA warrants on Carter Page and all the rest of it. The details are all there for anyone with eyes willing to see, the question is whether anyone deep in the throes of Trump Derangement Syndrome will take their eyes off the shadow play in front of them long enough to look. I’m not holding my breath.”
darkie supertard muzzie -hussein- omama long legged mack daddy on Wed, 13th May 2020 3:29 pm
he speaks exclusively high english for the love of self supremacist muzzie
JuanP on Wed, 13th May 2020 3:37 pm
Fuck juanPee
JuanP on Wed, 13th May 2020 5:02 pm
deport juanPee