The world’s largest oil companies have endured a lost decade in the stock market, struggling to convince investors they can grow in a world where demand for their main product is expected to peak in the coming years.
The S&P Global Oil index, which tracks 120 leading international oil producers, is no higher now than it was in 2015. With the exception of a sharp dip during the Covid pandemic, it has flatlined while investors have flooded into Big Tech.
Oil majors are no strangers to boom-and-bust cycles. But now the challenge may be structural. The rapid adoption of electric vehicles, especially in China, has surprised the industry. Many oil majors now concede that their production will probably peak within the next decade.
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