Plunge of oil demand limits storage capacity

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

BP announces quarterly loss as oil prices crash

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

OPEC oil output falls 460,000 barrels per day in May

OPEC oil output fell in May after Saudi Arabia and other members of the OPEC+ alliance made voluntary output cuts to support the market, a Reuters survey stated, although increases elsewhere in the group limited the decline

Russia considers gasoline export ban

The Russian government is considering a possible gasoline export ban to prevent domestic fuel shortages and price increases after a decision to reduce subsidies for refineries