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 is considering cracking down on Iranian oil sales to China as it braces for the possibility that Tehran may not return to nuclear talks or may adopt a harder line whenever it does
From August till December 2021 the group will improve provide by an extra 2 million bpd or 0.4 million bpd a month, OPEC mentioned in a press release. It goals to completely part out cuts by round September 2022
Saudi Arabia remained China’s single largest crude oil supplier in June, ahead of Russia, although Saudi shipments to the world’s top oil importer fell by 19 percent last month amid lower overall imports
Saudi Arabia and the United Arab Emirates have reached a compromise over OPEC+ policy, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices
This is the first major environmental legislation for this government as a result of a coalition between leftists and environmentalists, after a campaign on the topic of ecology
US oil and gas mergers surged last quarter with the most $1 billion plus combinations since 2014, as rising energy and share prices led to larger oilpatch deals
The US Energy Information Administration cut its 2021 world oil demand growth forecast by 10,000 barrels per day to 5.41 million bpd
Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said
