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
A recovery in oil flows through the Strait of Hormuz and oil production following the U.S.-Iran interim peace deal will take time, potentially several months, analysts at two banks said
A large supply surplus in 2027 could "provide a welcome respite to the market and an opportunity to replenish depleted inventories, or to build new strategic reserves," the IEA said
U.S. Strategic Petroleum Reserve (SPR) inventories fell to 340.3 million barrels, the lowest level since 1983, the Department of Energy said
The EIA said it now expects oil shipments through the Strait of Hormuz to begin recovering in the third quarter of 2026. However, the agency does not anticipate traffic through the waterway returning to pre-war levels before early 2027
OPEC crude oil production fell in May to its lowest level in at least 37 years, as the U.S. blockade on Iran and ongoing disruptions in the Persian Gulf continued to constrain output
Goldman Sachs said in a note that global oil demand has fallen more sharply than expected, creating both upside and downside risks to its fourth-quarter 2026 Brent crude forecast of $90 per barrel and its WTI forecast of $83 per barrel
US oil major Chevron has submitted a $13.8 billion investment project in Argentina and requested its inclusion under the Large Investment Incentive Regime (RIGI)
The current forecast reduced the expected oil demand growth this year from 1.17 million barrels per day as previously seen. For 2027, OPEC expects oil demand to rise by 1.73 million bpd,
