Plummeting oil prices which even briefly dropped below zero look set to spark far-reaching, structural changes to global energy and financial markets that could open up major opportunities to accelerate the shift to net zero, experts have suggested. With major global economies on lockdown in a bid to stem the spread of the coronavirus, demand for oil from transport and energy has taken a dramatic downturn, while low cost producing countries such as Saudi Arabia and Russia have made moves this year to slash their prices.
Business Green 21st April 2020 read more »
Oil majors and commodity traders are paying up to six times normal rates to store surplus crude in supertankers at sea as they try to cope with an unprecedented global glut. Companies are struggling to find places to store excess oil after the coronavirus pandemic caused the biggest collapse in demand on record and left the world flooded with tens of millions of barrels a day of surplus crude. Two giant tankers together holding about three million barrels of oil already appear to be in use as floating storage facilities off the coast of Suffolk and more are expected to arrive around Britain, industry sources said.
Times 23rd April 2020 read more »