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
OPEC crude oil production fell in May to its lowest level in at least 37 years, as the U.S. blockade on Iran and ongoing disruptions in the Persian Gulf continued to constrain output
Companies that borrowed oil from the reserve in recent months will return the crude with premiums after the conflict concludes, Energy Secretary Chris Wright said
Argentina’s energy trade balance could post a surplus of $11 billion in 2026, according to estimates by state-controlled oil company YPF
US oil major Chevron has submitted a $13.8 billion investment project in Argentina and requested its inclusion under the Large Investment Incentive Regime (RIGI)
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
The world may need to reduce oil and gas consumption if the Strait of Hormuz remains closed much longer due to the U.S.-Israeli war on Iran, Dallas Federal Reserve President Lorie Logan said
Vista Energy, whose operations are concentrated in Argentina’s Vaca Muerta unconventional shale formation, announced plans to invest $5.6 billion in the South American country through 2028
The volume of oil supply lost because of the war in Iran and the blockade of the Strait of Hormuz has reached 14 million barrels per day, International Energy Agency (IEA) Executive Director Fatih Birol said
