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
Other key points reported by Iran’s IRIB News included the US lifting its naval blockade on Iranian ports and the American navy leaving the waters surrounding Iran
International Energy Agency (IEA) Executive Director Fatih Birol said commercial oil inventories are declining at a rapid pace, according to remarks made to reporters during the Group of Seven finance ministers’ meeting in Paris
State-controlled oil company YPF announced plans to invest $25 billion to “accelerate the export development” of Argentina’s Vaca Muerta unconventional shale formation
Leading OPEC+ members plan to continue monthly oil quota hikes through September to complete the restoration of production cuts implemented in 2023
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
Argentina could reach oil production of 1 million barrels per day (bpd) in 2026, up from the current level of just over 850,000 bpd, driven by increased activity in the Vaca Muerta shale formation, Energy Secretary Daniel González said
OPEC oil production plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey showed, as the U.S.-Israeli war against Iran effectively shut the Strait of Hormuz and forced export cuts
