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
The OPEC+ alliance agreed to increase oil production by 206,000 barrels per day, a largely symbolic move as the increase cannot be implemented while the war in Iran and the blockade of the Strait of Hormuz persist
OPEC oil production plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey showed, as the U.S.-Israeli war against Iran effectively shut the Strait of Hormuz and forced export cuts
A New York appeals court overturned a ruling that had ordered Argentina to pay $16.1 billion in damages over the 2012 nationalization of oil company YPF
In recent years, refined fuel prices have been adjusted in line with that system, making this decision an exception in response to volatility driven by the war in the Middle East
International Energy Agency (IEA) Executive Director Fatih Birol warned that the current situation is “very serious” and exceeds the energy crises of the 1970s, amid the blockade of the Strait of Hormuz and attacks on energy infrastructure in the Middle East
Repsol, through the joint venture Repsol Sinopec Brasil and in a consortium with TotalEnergies and Shell, has started oil production at Lapa Southwest, located in the Santos Basin
The war in Iran is currently cutting about 15 million barrels per day (bpd) of oil and refined products from the Gulf to global markets, which could push crude prices to $150 per barrel, research and consulting firm Wood Mackenzie said
State-controlled Argentine oil company YPF reported a net loss of $799 million in 2025, compared with a net profit of $2.393 billion in 2024. .477 billion. Total hydrocarbon production reached 527,000 barrels of oil equivalent per day last year
