Are oil companies ready for the post-pandemic world?

Analysis: Oil giants must be nimble and act fast if they don't want to get left behind in the energy market

Equinor's Johan Sverdrup oilfield is a modern facility officially opened in January. It lies 140km west of Stavanger, Norway (Reuters)

Oil tankers are often used as an analogy for organisations that are slow, cumbersome and take an enormous amount of effort to switch course.

It is a characterisation that is unfair on the huge boats themselves, which are, apparently, surprisingly nimble. But it is often true for the large oil firms that use them to transport their product, and that presents the world with a problem.

This week we have had a small preview of what might be in store. In response to a plunging fuel demand caused by the pandemic, Shell wiped $22bn off the value of its fossil fuel assets on Tuesday, following a similar move by rival BP last week.