Plunge of oil demand limits storage capacity

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

BP announces quarterly loss as oil prices crash

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

Asia looks to release oil reserves after US request

The world's biggest economies said they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices

World to reach peak oil demand before 2030

Global oil demand is expected to peak before 2030, earlier than previously projected, TotalEnergies TTEF.PA forecast. The French oil major – which had previously forecast the peak happening around 2030, rather than before – said its business was now working on the assumption that global consumption would start declining before the end of the decade. […]