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The pandemic brought strong headwinds for the oil and gas industry, and oil majors felt the blow. Global primary energy consumption fell by 4.5% relative to 2019 and oil demand declined by 9%. For a brief period in April 2020, the price of West Texas Intermediate (WTI) crude futures went subzero, marking the largest one-day price plunge since 1983. Some expected the demand crash to have a lasting impact on the industry, but it’s safe to say that 2021 has proved otherwise.