The coronavirus pandemic has exposed some hard truths to the world’s largest oil and gas majors, energy analysts have told CNBC, with many reeling after historic second-quarter losses laid bare the financial frailty of the industry.
“Big Oil” companies, referring to the world’s largest oil and gas firms, posted huge losses in the three-month period through to June as coronavirus lockdown measures coincided with an unprecedented demand shock.
The results were expected to mark the low point of what has already been touted as potentially the worst year in the history of global oil markets.
