Plunge of oil demand limits storage capacity

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

BP announces quarterly loss as oil prices crash

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

US crude stocks register surprise rise

US crude stocks rose by 806,000 barrels for the week that ended July 16, according to two market sources, citing American Petroleum Institute figures

Oil to hit $40 by 2030 if climate goals are met

Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said