The impact of Covid-19 on global oil demand saw Dated Brent average just $29.3/B in Q2, the lowest quarterly figure since 2003 and well under half year-ago levels. Some, though by no means all, analysts question whether oil demand will ever fully return to its pre-Covid growth trajectory.
With Q2 reporting season set to kick off next week, European majors have looked to get the bad news in early. Repsol is the first large integrated firm to report on 23 July, followed by Norway’s Equinor the following day. Total, Eni, Shell, Exxon and Chevron are all set to report in the last week of July, followed by BP on 4 August. (CONTINUED - 551 WORDS)