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
U.S. field production of crude oil rose to a new monthly record in August at 13.05 million barrels per day, the Energy Information Administration said
The company earned $6.5 billion, down from $11.2 billion in the same period last year. Adjusted profit was $3.05 a share, compared to analysts' expected $3.75 per share
Argentina achieved a record oil production in September, thanks to the boost from the massive unconventional hydrocarbon formation of Vaca Muerta in the southwest of the country, according to official sources
Energy company Repsol's adjusted net profit fell 27% year-on-year in the third quarter because of lower oil and gas prices, it said, adding it would further diversify into renewables to offset fossil fuel volatility
The International Energy Agency (IEA) sees the current level of oil storage in member states sufficient to take action if required to stabilise oil markets, and sees no need to increase strategic reserve requirements
The European Union is on track towards its goal of ending Europe's reliance on Russian fossil fuels within this decade, the European Commission said
Vista, the second-largest producer of unconventional oil in Argentina, plans to put a total of 138 new "shale oil" wells into production between 2024 and 2026
Shell plans to increase its oil production by 5,000 barrels per day (bpd) in Argentina’s Vaca Muerta shale formation to 50,000 bpd by the end of the year, despite limitations on investments
