C-MACC Weekly “CRETER” (Climate etc.)
Big Oil’s Big Problem – Hard To Find A Favorable Scenario
- Big oil is in trouble, and it is a challenge to find a compelling reason to invest in this market currently – we view industry consolidation as inevitable.
- IEA sees fossil fuel spend rising in 2021 – we agree, but see cuts before 2025.
- We think some of the current hype surrounding recycling is price-driven. In our view, some announced growth plans will be uneconomic when prices normalize.
- Other recycling initiatives continue – many are focused on needed technology.
- Domestic inflation and infrastructure are risks to US offshore wind ambitions.
See PDF below for all charts