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Photo: RJ Sangosti/The Denver Post via Getty Images

The pandemic will "expedite peak oil demand," the consultancy Rystad Energy said in a note this week, taking stock of how much additional oil will not be produced in the future as a result.

Why it matters: Rystad's summary of its annual review of oil resources shows how the coronavirus pandemic is prompting analysts to change their thinking about the future of oil.

The big picture: The consultancy told Axios they see oil demand bouncing back to exceed pre-pandemic levels, but now projects demand peaking at roughly 106.5 million–107 million bpd in 2027–2028, as opposed to 107.5 million bpd in 2030 under a prior forecast.

What's next: The accelerated peak will curtail some oil exploration efforts, Rystad said.

  • “Non-OPEC countries account for the lion’s share of 'lost' recoverable resources with more than 260 billion barrels of undiscovered oil now more likely to be left untouched, especially in remote exploratory areas,” Per Magnus Nysveen, Rystad's head of analysis, said in a statement.

Go deeper: Coronavirus drives crude oil owners to hunt around for alternative storage

Go deeper

Amazon defends working with oil companies to reach its zero-carbon goal

Kara Hurst in Seattle.

Partnering with oil and gas producers is necessary for Amazon and other companies to achieve their climate goals, the tech giant's chief of sustainability, Kara Hurst, said during an Axios virtual event on Thursday.

The big picture: Amazon aims to hit carbon neutrality in 2040, 10 years earlier than the Paris climate accord. The company plans to reach its goal in part by helping companies develop climate-friendly technologies through a $2 billion venture fund. The first recipients were announced on Thursday.

Updated 8 hours ago - Politics & Policy

U.S. sounds alarm on Ukraine

Conscripts line up at a Russian railway station yesterday before departing for Army service. Photo: Sergei Malgavko/TASS via Getty Images

The Biden administration is "deeply concerned" by new intelligence — detailed for Axios and other outlets — showing Russia stepping up preparations to invade Ukraine as soon as early 2022.

Why it matters: Most of this was known from public sources and satellite imagery, but the administration is sending a stronger signal by releasing specific details from the intelligence community.

CNN fires Chris Cuomo

Photo: Kevin Mazur/Getty Images for CNN

CNN said Saturday evening it has fired one of its star anchors, Chris Cuomo, following new revelations from a legal review made by the company into Cuomo's involvement in the management of his brother's sexual harassment scandal.

Why it matters: Saturday's firing speaks to how much pressure CNN was under by employees and critics to address Cuomo's behavior.

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