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
Royón will be accompanied by "Santiago Yanotti as Undersecretary of Electric Energy, Federico Bernal as Undersecretary of Hydrocarbons and Cecilia Garibotti as Undersecretary of Planning," the new Minister of Economy, Sergio Massa, said
The official selling price (OSP) for September-loading Arab Light to Asia was raised by 50 cents a barrel from August to $9.80 a barrel over Oman/Dubai quotes, state oil producer Saudi Aramco said
BP is increasing its spending on oil and gas by $500 million in response to soaring energy prices and tightening supplies, Chief Executive Officer Bernard Looney said
Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise 78,000 barrels per day (bpd) to a record 5.445 million bpd in August, the U.S. Energy Information Administration (EIA) said in its productivity report
OPEC expects international oil demand to rise in 2023 however at a slower tempo than 2022, the producer group said in its first forecast for subsequent 12 months, citing nonetheless strong financial progress and progress in containing COVID-19 in China
