Oil major Royal Dutch Shell on Thursday outlined the details of its near-term and long-term plans to transition to cleaner energy, saying its oil production and total carbon emissions have already peaked.

Shell said it aims to reduce net carbon emissions by between 6% to 8% by 2023 when compared to 2016 levels. The target jumps up to 20% by 2030, 45% by 2035, and 100% by 2050.

‘Shell’s Carbon Emissions and Oil Production Have Peaked | Devamı>>>

European oil majors have increased their ambitions to tackle climate change markedly in the last six months, with Total, Shell, BP, Repsol and Eni all having made commitments to significantly reduce the carbon intensity of the energy they supply.

The moves, encouraged by pressure from investors and consumers, mark a significant departure from their North American peers and the difference in approach seems likely to intensify in years to come. However, their claims to be aligned with the net zero targets that many countries are introducing are overstated, a new report claims.

Europe’s Oil Majors Start Embrace Alternative Energy And Climate Targets | Devamı>>>

Whole cities, towns, regions and countries are in lockdown owing to the coronavirus or Covid-19 global pandemic with shutdowns stretching from the Philippines to Canada and much else in between.

Earlier this week, India – the world’s second-most populous country – initiated its lockdown to control the virus outbreak. That’s a $2.7 trillion GDP economy of over 1.3 billion people grinding to a virtual halt. With each passing day, the question on every energy forecasters‘ mind is what such lockdowns will do to crude demand.

Global Oil Demand Could Fall 20% In Coronavirus Lockdown | Devamı>>>

Oil prices on Friday posted their biggest week of losses since the 2008 global financial crisis, rocked by the coronavirus outbreak and efforts by top exporter Saudi Arabia and its allies to flood the market with record levels of supply.

The rare combination of severe shocks to both supply and demand has caused the crude market to collapse as producers around the world steel themselves for an unexpected glut of oil in coming weeks.

Oil Prices Crude Posts Biggest Weekly Losses Since 2008 | Devamı>>>

The International Energy Agency plans to revise down its oil-demand forecasts next week because of the spreading coronavirus. “I am going to announce it Monday morning in Paris,” IEA chief Fatih Birol told a Congressional hearing in Washington on Thursday. “The impacts are already severe mainly because the transport sector is heavily affected.”

Last month, the Paris-based adviser to industrialized nations warned that the virus could curb annual growth in oil consumption to the lowest since 2011, but still called for 800,000 barrels a day of growth.

IEA Plans to Revise Down Oil Demand Forecasts Due to Virus | Devamı>>>

Oil prices slumped for a sixth day in a row on Friday to their lowest in more than a year, causing futures to drop by the most in a week since 2016, as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand.

The coronavirus spread further, with cases reported for the first time in six countries across three continents, battering markets and leading the World Health Organization (WHO) to raise its impact risk alert to “very high.”

The most active Brent future for May LCOc2 delivery fell $2.06, or 4.0%, to settle at $49.67 a barrel, its lowest since July 2017.

Oil Prices Sink to Lowest in Over a Year Biggest Weekly Drop Since 2016 | Devamı>>>