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Oil companies in plans of healing the wounds of 2020

by Bunkerist
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The administration of US President Joe Biden has started talks with the utilities and automobile sectors on reducing greenhouse gas emissions.

The epidemic lockdowns that reduced fuel demand have forced people to stay close to their homes. The oil companies suffered terrible annual losses.

The largest independent refineries in the US are looking to encourage renewable fuel production.

On Tuesday, Exxon Mobil Corp announced a historic one-year loss after the COVID-19 pandemic undermined energy prices and reduced the value of shale gas properties by more than $ 20 billion. Magellan Midstream Partners LP announced a nearly 36% drop in net income for the fourth quarter as the COVID-19 outbreak reduced demand for refined products.

OPEC + experts will hold a virtual meeting Tuesday to discuss ongoing concerns about oil prices rising to their highest level in almost a year and a recovery in oil demand.

Instead of joining its rivals in the fight against renewable energy assets, Royal Dutch Shell concentrated in the rapid growth of the hydrogen and biofuels markets and the energy trade, moving away from oil.

US oil giant Exxon Mobil Corp is trying to step up its efforts against climate change with increasing pressure from investors and activists. It created a division to commercialize its technology that helps reduce carbon emissions.

BP warns of a tough start to 2021 as the epidemic and travel restrictions heavily affected oil demand and energy companies, and for the first time in a decade lost $ 5.7 billion last year.

US refineries’ losses narrowed from the third quarter to the fourth quarter. Fuel demand is finally showing a slight improvement, thanks to the easing of COVID-19 restrictions and lower costs.

China’s efforts to deter people from traveling for the Chinese New Year due to mutant COVID-19 infections are forcing analysts to revise their first-quarter fuel demand forecast. Recovery is not expected to be derailed.

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