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
A total of 17 commodity vessels transited the Strait of Hormuz over the weekend, down from 37 a week earlier, shipping data showed, as tension in the Gulf persisted with the US and Iran in stalemate
The Energy Information Administration (EIA) reported that U.S. crude oil inventories decreased last week while gasoline and distillate stocks grew. distillate stocks grew. Crude oil stockpiles dropped by 640,000 barrels to reach 423.4 million barrels during the week that ended on September 11
Goldman Sachs said oil prices may rally to as much as $120 a barrel if attacks on shipping in the Middle East rise, and it recommended bets on natural gas and diesel as a way to capture gains
Argentina's Energy Secretariat said the Vaca Muerta shale formation holds an estimated 30.17 billion barrels of recoverable oil, according to a new technical study
Mercuria and Continental will become equal partners in Phoenix Global Resources. and plan to triple the output to over 100,000 barrels of oil equivalent per day
Global oil supply will fall by 4.3 million barrels per day, or around 4%, this year, the International Energy Agency said, as renewed hostilities in the Middle East disrupt supplies and plunge the world deeper into an oil-market deficit
Total will acquire around four gigawatts of electricity production, mainly solar and wind power in operation or being built in Italy and the Netherlands, as well as solar, wind and battery storage projects in Italy, Britain and Spain
