*REPOST* Lost in transition: Big Oil searches for purpose as peak demand looms
BP’s decision to slash its crude production this decade is brave. But its assumption that pivoting to low carbon will be profitable is heroic
* This article was first published in August 2020
The oil industry is about to enter its final phase: managed decline. Even if there is a strong post-pandemic economic recovery that boosts oil prices at some in the 2020s, it will be Big Oil’s ‘last hurrah’ before global demand peaks definitively and gradually tapers off. Some say this might have happened