Top energy majors have yet to see their oil and gas production recover from the impact of the COVID pandemic even as net-zero demands and a faster shift to renewables lay the ground for peak supplies from the sector in coming years. After global oil markets were rocked by the COVID-19 pandemic last year, combined oil and gas volumes from the eight biggest independent majors remained more than 2.2 million b/d of oil equivalent below pre-COVID levels, according to an analysis of the latest quarterly earnings reports.
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