As seen in the news, over the last 6 months oil and gas revenues have been under pressure since the coronavirus pandemic began due to the demand falling as everything came to a pause. For the first time in history, this has even caused the price of brent crude to fall to $0 a barrel in April as companies struggled to store all the left over oil.
Recently the major oil trading houses have been investing billions of dollars into lower-carbon technology projects which include renewables such as wind, solar and hydrogen to try gain back profits from oil trading.
With these investments, oil trading houses will be helping to speed up the movement into a lower carbon future, as more and more projects receive funding and support. It is looking likely that renewables will be providing a large proportion of the energy demand in the next 10 years or even sooner.