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 US Department of Energy said it had authorized an emergency exchange of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve to address a supply disruption affecting Phillips 66's Lake Charles refinery in Louisiana
The International Energy Agency is ready to coordinate more emergency oil releases by member countries if needed, while it spurs the release of diesel under existing plans to help cool surging prices
Constrained diesel supplies could persist well into next year as large counter-seasonal stock drawdowns have combined with restricted production ahead of peak winter demand, the International Energy Agency said in its monthly oil market report
OPEC raised its forecast for world oil demand growth in 2027, citing the need for the world to rebuild inventories that have been depleted by the Iran war
Goldman Sachs said oil prices may rally to as much as $120 a barrel if attacks on shipping in the Middle East rise, and it recommended bets on natural gas and diesel as a way to capture gains
The US Export-Import Bank plans to fund up to $7 billion worth of critical minerals and energy projects in Argentina, as part of a push to deepen economic cooperation between Washington and Buenos Aires
Bank of America analysts have raised their estimates for Brent crude prices in the second half of 2026, citing ongoing geopolitical tensions. The bank lifted its forecast to $95 a barrel from $83 a barrel
