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
In a client note, Barclays energy analyst Amarpreet Singh reiterated a constructive stance on the sector, citing resilient demand and persistent supply constraints among major producing nations
The Organization of the Petroleum Exporting Countries pumped 27.38 million barrels per day last month, up 270,000 bpd from June's revised total, the survey showed
The acquired blocks in Vaca Muerta, "La Escalonada" and "Rincón La Ceniza," have active unconventional exploitation concessions valid until 2051
OPEC+ has decided to increase its crude oil supply by 547,000 barrels per day (bpd) starting September 1, thus completing the restoration of the 2.2 million barrels per day (mbpd) that was withdrawn from the market in 2023
The agreement sets that Fluxus must make an initial investment of 21.3 million dollars for the reactivation of 54 wells between 2026 and 2027, as well as for the maintenance of existing facilities
Argentine state oil firm YPF will invest around $400 million as part of a new joint venture to produce and sell sustainable aviation fuel (SAF)
The company stated that it drilled the 1-BP-13-SPS exploration well in the Bumerangue block, in the Santos Basin, 404 kilometers (218 nautical miles) off the coast of Rio de Janeiro, at a depth of 2,372 meters
The increase in OPEC+ oil production is not leading to a buildup in inventories, indicating that global markets remain in demand for more crude, ministers from OPEC nations and executives from major Western oil companies stated
