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
Shell, Argentina's YPF and Houston-based APA Corp are among the companies awarded licenses. Ancap estimates the potential oil and gas in place is around 20 billion barrels
Sept 24 (Reuters) - Russian crude oil supplies increased 50% this spring despite the G7 countries imposing sanctions due to war in Ukraine, the Financial Times reported citing data from analytics company Kpler
Crude exports from the world's largest oil exporter fell to 6.01 million barrels per day (bpd) in July, down about 11.6% from the previous month's 6.8 million bpd and the lowest since June 2021
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility
Shell plans to increase its oil production by 5,000 barrels per day (bpd) in Argentina’s Vaca Muerta shale formation to 50,000 bpd by the end of the year, despite limitations on investments
According to the report, OPEC expects that global oil demand will rise by 2.25 million barrels per day in 2024, compared to the growth of 2.44 million bpd in 2023
Barclays raised its Brent price forecast for 2024 by $8 per barrel to $97 a barrel as it expects market balances to tighten further next year
Brazilian state-run oil company said it has decided to halt some key asset sales after concluding a broad revision of divestment processes, which were launched during the country's previous administration
