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
The world's top oil exporter, Saudi Arabia, has cut the official selling price (OSP) for all grades of crude it is selling to Asia in February by at least $1 a barrel
OPEC+ agreed to stick to its planned increase in oil output for February because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand
Mexico’s Petroleos Mexicanos mentioned it would drastically cut back deliberate crude exports next year as the state oil firm works to fulfill the federal government’s goal of refining all of its oil domestically
OPEC raised its world oil demand forecast for the first quarter of 2022 but left its full-year growth prediction steady, saying the Omicron coronavirus variant would have a mild impact as the world gets used to dealing with the pandemic
Barclays raised its 2022 oil price forecasts as it expects a faster-than-expected inventory drawdown and cautious supply response to offset a modest surplus next year
