'We are in the midst of a turbulent 2020 and a sluggish 2021, and the commodity market will be under pressure,' senge's energy team said in a recent report. The World Trade Organization predicts that global trade will fall by as much as a third this year。
Every sector, with the exception of energy companies, has been hit hard, setting the stage for a global recession that the EU is predicting will be severe across the continent.
In the oil and gas industry, we see the need for structural adjustments to build long-term resilience and thrive on the next upswing. This will include enhancing competitiveness through zero cost and zero expenditure, rigorously evaluating portfolios, rethinking the ecosystem's role in unlocking trapped value, and optimizing the value of the entire extension chain.
In addition, adjustments will include accelerating the expansion of digital projects, driving resilience through reprogramming the way they work, remote connectivity operations, point-to-point supply chain visibility, and management. It is also important that oil companies will need to recalibrate their decarbonisation journey to a low-carbon and increasingly competitive energy sector as soon as possible, but this must be balanced with a push for sustainability and a diversified portfolio to curb future volatility in commodity markets.
Some of the industry experience for oil and gas companies reference. After September 11, 2001, GM pioneered the industry's "Keep America Moving" incentive program, which energized government and industry, soothed nervous consumers and jump-started the battered economy. What the retail industry learned in 2009 is that the key to recovery is a renewed focus on the consumer, new ideas, international business growth, and online shopping. In the wake of the financial crisis, the travel industry has shown a focus on innovation -- online booking, outbound travel from emerging markets and Shared apartments -- that can weather the storm.
Just as scientists share solutions to the COVID-19 epidemic, working together and learning from each other will build mutual resilience and enable industries to drive economic recovery faster than they can act alone.
How does Seed build up its resilience in the face of the double impact of the epidemic and plunging oil prices? We can see that in the gap period of foreign market, the company puts its main strength in the investment of innovation and research and development to enhance the strength of the enterprise and expand the international influence of the brand. Strength is the key for an enterprise to survive. Only with certain strength can the company survive in this huge reshuffle. After the outbreak dissipates, the company will continue to serve the severe conditions of all relevant industries around the world and provide effective solutions.