Oil major Shell shocked the oil markets last week, not just by cutting its dividend, but also by saying that it expects crude demand to never fully recover //

Analysts are warning that a V-shaped recovery is highly unlikely, with the sheer scale of the demand destruction--estimated at a staggering 30 million barrels a day in April--making for a long and tough road back to the pre-crisis global demand of ~100 million barrels per day.

Shell says it’s bracing itself for a worst-case scenario: Demand to never fully recover. //

With oil and gas companies set to lose $1 trillion in revenues in the current year--or 40% lower than 2019 revenue of $2.47 trillion--it’s not hard to see where these gloomy outlooks are coming from.