{"id":470934,"date":"2022-02-25T10:01:00","date_gmt":"2022-02-25T04:31:00","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=470934"},"modified":"2022-02-25T10:47:00","modified_gmt":"2022-02-25T05:17:00","slug":"oils-journey-from-worthless-in-the-pandemic-to-100-a-barrel","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oils-journey-from-worthless-in-the-pandemic-to-100-a-barrel\/","title":{"rendered":"Oil\u2019s journey from worthless in the pandemic to $100 a barrel"},"content":{"rendered":"<p>In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak \u2013 all but condemning his company\u2019s core business to eventual obscurity.<\/p>\n<p>\u201cDemand will take a long time to recover if it recovers at all,\u201d he told reporters after the Anglo-Dutch energy company reported a sharp drop in second-quarter profit.<\/p>\n<p>Van Beurden wasn\u2019t alone in his gloomy view. Like much else during the pandemic, what was happening in fuel markets was unprecedented. Demand had fallen so sharply as people stopped travelling, the oil industry simply couldn\u2019t cut production fast enough to match it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak \u2013 all but condemning his company\u2019s core business to eventual obscurity. \u201cDemand will take a long time to recover if it recovers at all,\u201d he told reporters after the Anglo-Dutch energy company reported a sharp drop in second-quarter profit. Van Beurden wasn\u2019t alone in his gloomy view. Like much else during the pandemic, what was happening in fuel markets was unprecedented. Demand had fallen so sharply as people stopped [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-470934","post","type-post","status-publish","format-standard","hentry","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/470934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=470934"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/470934\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=470934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=470934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=470934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}