Oil Markets Will Face A Supply Crisis Before Demand Peaks ...Middle East

The year 2020 was a watershed moment for the fossil fuel sector. Faced with a global pandemic, severe demand shocks, and a shift towards renewable energy, experts warned that nearly $900 billion worth of reserves--or about one-third of the value of big oil and gas companies--were at risk of becoming worthless. Big Oil appears to have mostly resigned itself to this fate. Last year, British oil giant BP Plc. (NYSE:BP) sent shockwaves through the oil and gas sector after it declared that the world was already past Peak Oil demand. In the company's…

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