Business
Big oil write-downs are cosmetic, the real story of carnage is yet to be told – Sydney Morning Herald
The big write-downs in the value of oil and gas assets are not a surprise, it will be the oil majors’ underlying profits that will reveal the havoc caused by the coronavirus.
The most optimistic projections lay much of the blame for the woeful oil price at the feet of COVID and its impact on the global economy and in turn the demand for oil. But equally many subscribe to the view that COVID has hastened the longer term structural shift in lowering demand for oil.
The chief executive of LNG producer Woodside, Peter Coleman, falls into the former camp. He is not a believer there has been permanent destruction in demand brought about by COVID.
“The world just doesnt w…
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