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
The United States issued new sanctions targeting Iran's oil exports, including against a China-based "teapot refinery", as President Donald Trump's administration seeks to ramp up pressure on Tehran
The IEA said global oil demand will grow at its slowest rate for five years in 2025, and U.S. production rises will also taper off due to U.S. President Donald Trump’s tariffs on trading partners and their retaliatory moves
“At YPF, we’re on the path to becoming an unconventional company, which allows us to be resilient in the face of low crude prices,” said YPF CEO Horacio Marín
Given the weak growth outlook amid a global trade war, the bank expects that oil demand will rise by only 300,000 bpd between the end of last year and the end of 2025
The Argentine state-controlled oil company has acquired four new oil and gas concessions in the massive Vaca Muerta shale formation and plans to invest $12.9 billion for large-scale development
The International Energy Agency (IEA) has revised its 2024 oil consumption figures and demand expectations for 2025 due to uncertainty caused by U.S. tariff announcements
U.S. oil giant Chevron and Anglo-Dutch company Shell will join as partners in the consortium building the Vaca Muerta Sur pipeline, a project that will boost Argentina's crude oil exports
