The drop in oil demand by refiners at local level and the exports limited to a minimum at global level due to the coronavirus pandemic, pushed storage capacity to the limit in the producing provinces
The British giant said it slumped into a u$s4.4-billion net loss in the first quarter as the coronavirus pandemic crushed demand for oil. "Our industry has been hit by supply and demand shocks on a scale never seen before," BP's CEO stated
es walk away less than two months ago.
Iraq is the group's second-largest producer after Saudi Arabia and one of its five founding members. OPEC was formed in the Iraqi capital in 1960
J.P. Morgan reduced its price outlook for Brent crude oil in the second half of 2026, citing weaker commercial inventory withdrawals and softer oil demand than previously anticipated
US Interio Department said it would lower state bonding requirements for wells to $25,000 per state, down from the $500,000 level established during the Biden administration
A recovery in oil flows through the Strait of Hormuz and oil production following the U.S.-Iran interim peace deal will take time, potentially several months, analysts at two banks said
A large supply surplus in 2027 could "provide a welcome respite to the market and an opportunity to replenish depleted inventories, or to build new strategic reserves," the IEA said
The current forecast reduced the expected oil demand growth this year from 1.17 million barrels per day as previously seen. For 2027, OPEC expects oil demand to rise by 1.73 million bpd,
Goldman Sachs said in a note that global oil demand has fallen more sharply than expected, creating both upside and downside risks to its fourth-quarter 2026 Brent crude forecast of $90 per barrel and its WTI forecast of $83 per barrel
