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
OPEC oil output fell in May after Saudi Arabia and other members of the OPEC+ alliance made voluntary output cuts to support the market, a Reuters survey stated, although increases elsewhere in the group limited the decline
The Russian government is considering a possible gasoline export ban to prevent domestic fuel shortages and price increases after a decision to reduce subsidies for refineries
Brazilian President Luiz Inacio Lula da Silva said he finds it “difficult” to believe that oil exploration in the Amazon basin would cause environmental damage to the region’s rainforest, the largest in the world
OPEC Secretary General Haitham Al Ghais said that underinvesting in the oil and gas sector could cause market volatility in the long term and imperil growth
Equinor and its partners have decided to invest about $9 billion to develop the BM-C-33 gas and condensate discovery off Brazil, the Norwegian company said
