Reduced ambitionsThere are signs that demand may not recover permanently. The International Energy Agency expects that global oil demand will peak sometime in the 2030s even as the world churns through around 90 to 100 million barrels of oil a day for the next two decades.
Next year, capital expenditures in renewable power supply are expected to overtake oil and gas for the first time in history, according to Goldman Sachs Group Inc.Investors are one of the main forces driving this transformation, according to Goldman.
Climate change-related shareholder resolutions have nearly doubled since 2011, the bank said, with the largest share of them, about 30%, directed at oil and gas companies.