Rise of electric cars challenges the world’s thirst for oil
Proposed bans on petrol and diesel vehicles bring further pressure to bear on Big Oil
by: Andrew Ward, Energy Editor: 8 Aug 2017
Ben van Beurden, chief executive of Royal Dutch Shell, made no attempt to disguise the challenge facing “Big Oil”. Companies must become more discriminating about which oilfields to develop, he said, with only the most low-cost and productive likely to remain competitive. “We have to have projects that are resilient in a world where demand has peaked and will be declining,” he said. “When will this happen? We do not know. But will it happen? We are certain.” FULL FT ARTICLE
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