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
World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said, adding to headwinds faced by the group and its allies in balancing the market
A slow economic recovery from the pandemic threatens to delay a full rebound in world energy demand to 2025, the International Energy Agency said
World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits
OPEC is unlikely to increase oil output as planned from January next year as it could mean adding more downside pressure to the already bearish and weak market, top traders said
The European Union is considering binding standards for natural gas to limit emissions of methane, the second-largest contributor to global warming after carbon dioxide
Royal Dutch Shell announced plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy
The bank raised its 2020 Brent and US West Texas Intermediate (WTI) price forecasts by $2 to $43 per barrel and $39, respectively. For 2021, the bank expects Brent and WTI prices to average $53 and $50 per barrel, respectively.
The Paris-based IEA cut its 2020 outlook by 200,000 barrels per day (bpd) to 91.7 million bpd in its second downgrade in as many months
