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
In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) left its forecasts for global oil demand growth unchanged for 2025 and 2026, following reductions in April, stating that the economic outlook remained robust
The U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted U.S. producers to slow activity this year, the Energy Information Administration forecast in a monthly report
OPEC+ agreed to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped - and then retreated - following Israeli and U.S. attacks on Iran
The increase in OPEC+ oil production is not leading to a buildup in inventories, indicating that global markets remain in demand for more crude, ministers from OPEC nations and executives from major Western oil companies stated
Pampa Energía announced that it has requested inclusion in an incentive regime to build an oil and gas treatment plant at its Rincón de Aranda field, with an investment of $426 million
Vaca Muerta achieved a new record level of activity in May, according to industry sources. The number of fracture stages in Vaca Muerta during the fifth month of the year reached 2,588
Phoenix Global Resources confirmed a multi-billion-dollar investment in Vaca Muerta in southwestern Argentina, after terminating an agreement signed a year ago with Colombia’s GeoPark
