Analyst saw bad news all around for oil giants, now expects record year

Two supermajors did well in the crisis year of 2020, which caused the world's largest oil firms to look more intensely into the future than ever, thereby benefiting the entire industry in 2021, according to Woodmac analyst Erik Mielke.

2020 is best defined as a year of horror for the world's five largest oil firms, but 2021 could send them to hitherto unseen heights, says analyst. | Photo: Jim Tanner/Reuters/Ritzau Scanpix

BY MATHIAS JULIUS FALKENGAARD

The coronavirus and oil price crises made 2020 difficult for the world's biggest oil firms. Massive layoff rounds and major cost reductions are just two indicative factors. It did, however, turn out to be good for something.

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