Oil sector facing consolidation and turn towards renewable energy: analysts

After a year of low oil prices and low demand, which have resulted in losses for most of the key oil extraction and processing companies, economists Allianz Research and Euler Hermes predict another hit to industry profitability to continue in 2021 and 2022. As a consequence, this may result in accelerated market consolidation, entry into renewable energy sources, and new, unexpected alliances with companies outside the sector.

The largest world economies – the US and China, have directed…