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
Goldman Sachs said that with soaring global gas prices, a colder winter in Europe and Asia could in turn boost demand for oil, putting upside risk of $5 per barrel for its Brent price forecast in the fourth quarter of 2021 of $ 80 a barrel
OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq’s oil minister said, adding the group is expected to stick to its current production accord when it meet in October “if prices remain stable”
Denmark and Costa Rica are trying to forge an alliance of countries willing to fix a date to phase out oil and gas production and to stop giving permits for new exploration
Exxon Mobil Corp sees its investments in Brazil’s offshore helping the company achieve a goal of lowering carbon emissions in its oil and gas production, country head Juan Lessmann said
This is the first major environmental legislation for this government as a result of a coalition between leftists and environmentalists, after a campaign on the topic of ecology
US oil and gas mergers surged last quarter with the most $1 billion plus combinations since 2014, as rising energy and share prices led to larger oilpatch deals
