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
Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed
U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said, a smaller decline than its previous forecast for a drop of 240,000 bpd
The rest of OPEC+ will hold output steady, meaning the group’s overall cuts would amount to around 7.05 million bpd by March, excluding the planned voluntary additional cuts from Saudi Arabia
Iraq aims to increase crude oil export capacity from its southern ports to 6 million barrels per day from the current 3.5 million barrels a day capacity
Denmark hopes that by deciding to stop its search for North Sea oil and gas it can become a credible trailblazer in fighting climate change, its climate minister said
The roll-out of vaccines this month to combat the coronavirus pandemic will not quickly reverse the destruction wrought on global oil demand, International Energy Agency (IEA) warned
Demand will rise by 6.25 million barrels per day (bpd) next year to 96.26 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report. The growth forecast is 300,000 bpd less than expected a month ago
The U.S. bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously
