Is Big Oil finally getting stranded?

Thanks to Russia and Saudi Arabia, global oil production has not decreased in reaction to the abrupt halt in our economies. That means all the pipelines, all the oil tankers, all the refineries and all the storage facilities are full to capacity with a commodity that nobody can use right now. Oil producers large and small are haemorrhaging money in a way that is genuinely threatening to their existence, and people are learning how to work from home in a way that may mean we choose to travel far less when the pandemic finally ends. So is this a 'Perfect Storm' that spells the end for BIG OIL?

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Check out other YouTube Climate Communicators

zentouro:
https://www.youtube.com/user/zentouro
Climate Adam:
https://www.youtube.com/user/ClimateAdam
Kurtis Baute:
https://www.youtube.com/user/ScopeofScience
Levi Hildebrand:
https://www.youtube.com/user/The100LH
Simon Clark:
https://www.youtube.com/user/SimonOxfPhys
Sarah Karver:
https://www.youtube.com/channel/UCRwMkTu8sCwOOD6_7QYrZnw
ClimateTown:
https://www.youtube.com/channel/UCuVLG9pThvBABcYCm7pkNkA
Jack Harries:
https://www.youtube.com/user/JacksGap
Beckisphere:
https://www.youtube.com/channel/UCT39HQq5eDKonaUV8ujiBCQ
Our Changing Climate :
https://www.youtube.com/channel/UCNXvxXpDJXp-mZu3pFMzYHQ


Research Links
INTERNATIONAL ENERGY AGENCY REPORT
https://www.iea.org/articles/the-global-oil-industry-is-experiencing-shock-like-no-other-in-its-history

RYSTAD REPORT
https://www.rystadenergy.com/globalassets/pdfs/rystad-energy_covid-19-report_15-april_2020_final-public-version.pdf

GUARDIAN ARTICLE
https://www.theguardian.com/environment/2020/apr/01/the-fossil-fuel-industry-is-broken-will-a-cleaner-climate-be-the-result

BLOOMBERG REPORT ON REFINERIES
https://www.bloomberg.com/news/articles/2020-04-08/some-of-america-s-oil-refineries-face-closure-amid-demand-plunge

GREENPEACE ARTICLE
https://www.greenpeace.org/international/story/29458/peak-oil-decline-coronavirus-economy/


#strandedassets  #bigoil  #coronavirus