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 output from top shale regions in the United States is due to rise by about 77,300 barrels per day (bpd) to a record 9.38 million bpd in February, the U.S. Energy Information Administration (EIA) said in its productivity report
China's oil refinery throughput in 2022 fell 3.4% from a year earlier, its first annual decline since 2001, as China's rigid COVID-19 controls took a toll on the economy and fuel consumption
OPEC said Chinese oil demand would rebound this year due to relaxation of the country's COVID-19 curbs and drive global growth, and sounded an optimistic note on the prospects for the world economy in 2023
HSBC will stop funding new oil and gas fields and expect more information from energy clients over their plans to cut carbon emissions, the banking giant said, as part of a wider update of its sector policy
The US will begin repurchasing crude oil for its Strategic Petroleum Reserve (SPR) in February, the Energy Department announced
OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply
