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
Energy giant Saudi Aramco said it has struck a 12.4-billion-dollar deal to sell a minority stake in a newly formed oil pipeline business to a consortium led by US-based EIG Global Energy Partners
Spanish energy firm Repsol said it will furlough up to 830 workers at its A Coruna and Puertollano refineries in Spain as pandemic restrictions have led to an "unprecedented" slump in demand for fuels
The US Energy Information Administration announced that it raised the forecast for 2021 world oil demand growth by 180,000 barrels per day (bpd) to 5.5 million bpd
Chevron Corp outlined a plan to expand oil and gas production through 2025, but without spending significantly more, and pledged to limit the pace of growth of its carbon emissions
The bank increased its 2021 Brent crude oil price outlook by $7 to $62 per barrel and West Texas Intermediate (WTI) crude price estimate by $6 to $58 a barrel
The International Energy Agency (IEA) warned the world oil market remains fragile, despite a recent recovery in prices, as tighter restrictions are imposed to curb more contagious coronavirus variants
US President Joe Biden announced new bans on oil and gas drilling on federal lands as part of a raft of actions that take aim at climate change, according to reports and a White House memo
