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
Russian oil output is set to fall by 1.4 million barrels per day (bpd) next year after the European Union imposed a ban on crude oil exports to Russia, the International Energy Agency said
OPEC cut its forecast for a fifth time since April and further trimmed next year's figure, citing mounting economic challenges including high inflation and rising interest rates
Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis,” the head of the International Energy Agency (IEA) said
