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
Finland, until now one of the EU countries most dependent on Russian oil, last year halted imports of Ural crude but increased purchases from Norway and stocked up on barrels in the UK. United States and the United States, according to data from Refinitiv Eikon
The Biden administration is approving a scaled-back version of ConocoPhillips' $7 billion oil and gas drilling project in Alaska, the U.S. Department of Interior said
Global oil demand is edging up slowly but is set for a huge boost from resumed air travel and China's economic reopening after COVID-19 curbs, the International Energy Agency said
Barclays cut its 2023 oil price forecasts, due in part to more resilient output from Russia than expected, and said the market could flip into a deficit in the second half of the year due to growing demand in China
Strong pick-up in fuel demand in China and flattish supply from other producers will push the oil market into deficit in the second half of this year, leading OPEC to reverse its production cut at the June meeting, analysts at Goldman Sachs said
