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
Three sources said the group of oil producers was likely to stick to their existing agreement to produce an additional 400,000 barrels per day (bpd) in November
Global oil demand is expected to peak before 2030, earlier than previously projected, TotalEnergies TTEF.PA forecast. The French oil major – which had previously forecast the peak happening around 2030, rather than before – said its business was now working on the assumption that global consumption would start declining before the end of the decade. […]
Global fuel demand is expected to reach pre-pandemic levels by early next year as the economy recovers from the ravages of the pandemic, but excess refining capacity is likely to weigh on the outlook
Saudi Arabia, the world’s biggest oil exporter, kept its ranking as China’s top crude supplier for a ninth straight month in August as major producers relaxed production cuts
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
