Channel News Asia
BCG’s Dave Sivaprasad shared about the future of oil amidst a challenging landscape. Today, the industry faces a triple shock of reduced demand, increased supply and a shortage of storage capacity to take up excess supply. All of this points to a sustained lower oil price for at least the next 12-18 months. These remarkable shocks come at a time when oil is battling an already hostile landscape. The ongoing energy transition has gained significant momentum in recent years, with growing focus on climate action, driving greater competition for capital between renewables and the fossil fuel industry. So, is this the end for oil? Simply put — no.