The advent of electric vehicles, growing call for decarbonisation and the rise of renewable energy are exerting significant pressure and competition for oil within its core source of demand – transport and industry.
The government announced a comprehensive green hydrogen and green ammonia policy aimed at boosting the domestic production of green hydrogen to 5 million tonnes through electrolysis of water by 2030.
The world’s top listed oil firms suffered historic losses in 2020 as the Covid-19 pandemic sent demand and prices tumbling.
