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
Gulf countries boosted crude oil and condensate exports in the first half of July to the highest levels since before the Iran war began in late February, shipping data showed, although flows through the Strait of Hormuz are now slowing as fighting escalates
TotalEnergies said its hydrocarbon production is expected to reach nearly 2.4 million barrels of oil equivalent per day (mboe/d) in the second quarter of 2026
OPEC lowered its forecast for world oil demand growth in 2026 to 780,000 barrels per day, a copy of its monthly report showed, marking the third straight downward revision
Goldman Sachs strategists say the physical oil market is tightening as renewed attacks on tankers in the Strait of Hormuz reverse an earlier recovery in Persian Gulf exports
Oil prices appear to have settled into a range of $72 to $75 a barrel, although the market has yet to fully normalize and the conflict in the Middle East continues to create uncertainty, the chief executive officer of Brazil's state-run oil firm Petrobras
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
