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
OPEC oil output rose further in July, a Reuters survey found, as Gulf members restored supplies that were shut due to the Iran war and effective closure of the Strait of Hormuz
Russia slightly increased crude and condensate output in July from June by around 100,000 barrels per day (bpd) to above 9 million bpd, supported by strong oil exports and a recovery in refinery throughput
OPEC+ said that seven of its key members agreed to raise oil production by 188,000 barrels per day (bpd) in September as part of ongoing efforts to support market stability
Brazil's state-run oil company Petrobras reported average oil and natural gas output of 3.281 million barrels of oil equivalent per day (boed) in the first half of the year, up 15.1% from the same period in 2025
Goldman Sachs expects Brent crude to trade in an $80–90 per barrel range until either a new agreement is reached between the United States and Iran or the conflict in the region escalates significantly through broader attacks or new targets
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
The British energy company said it will sell its UK North Sea business, marking the end of oil production in its home country after six decades of operations. The assets include five production hubs located in the Central North Sea and west of the Shetland Islands
Shell reported adjusted earnings of $9.84 billion for the second quarter, more than double the $4.26 billion recorded a year earlier, driven by strong trading and refining performance
