Seven top oil firms downgrade assets by $87bn in nine months

Thinktank says changes to forecasts reflect accelerated shift away from fossil fuels

The world's largest listed oil companies have wiped almost $90bn from the value of their oil and gas assets in the last nine months as the coronavirus pandemic accelerates a global shift away from fossil fuels.

In the last three financial quarters, seven of the largest oil firms have slashed their forecasts for future oil market prices, triggering a wave of downgrades to the value of their oil and gas projects totalling $87bn.