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
Royal Dutch Shell posted a colossal net loss of USD18.1 billion for the second quarter, blaming massive asset writedowns on the coronavirus-hit oil market, and flagged that job cuts are on the way
Mexico’s Petroleos Mexicanos (Pemex) reduced losses during the second quarter even as crude prices fell during the coronavirus pandemic, the national oil company said
The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC, according to a Reuters report
China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled
The Paris-based IEA raised its forecast to 92.1 million barrels per day, up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline
The Norway-based energy consultancy said global energy use would be 8% lower in 2050 than previously expected due to the impact of the pandemic
The government will auction up to 136 new oil exploration blocks in a major licensing round, with 125 of those in the Arctic Barents Sea, a relatively unspoiled corner of the planet
Oil demand is recovering from the greatest fall in its history in 2020, IEA said, but less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022
