Future of oil in the balance as health crisis changes attitudes

London — John Browne, former CEO of BP, has witnessed first hand the ups and downs of the oil industry for more than five decades. But he believes that, unlike the usual market cycles of boom and bust, the coronavirus-linked price crash will serve as a warning for the industry of what is to come.

The pandemic has wiped out almost a third of global oil demand through lockdowns and travel bans, landing a direct hit on a sector already in the grip of its own crisis: how to evolve when climate change has risen up the political agenda, and oil demand is threatening to peak.