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
In its monthly oil market report, the IEA now estimates global supply at 106.2 million barrels per day in 2025, up 3 million bpd from 2024, which is 100,000 bpd less than it forecast in November
The production increase follows a decision by the OPEC+ group of oil-producing countries to implement a moderate rise in production quotas. se in production quotas. Novak also said that Russian companies are increasing investment to meet the higher production quotas set by OPEC+
The decision does not include the potential production increases that eight member countries may agree on, as these nations aim to finish returning to the market the barrels they voluntarily withdrew to support prices
The memorandum of understanding outlines a plan for a pipeline running from Alberta to the Pacific coast to boost oil exports to Asia, in line with Carney’s goal of expanding foreign trade to offset the impact of the trade war launched by U.S. President Donald Trump
The government said the elimination of export duties aims to preserve activity in mature basins, provide investment certainty, and protect jobs in the sector
According to the company’s 2026–2028 strategic plan, the projected investments aim to increase Vaca Muerta production by 60%, reaching 180,000 boe/d in 2028
The transfer is part of Project Andes, under which YPF seeks to divest mature assets to focus on Vaca Muerta. The areas involved are Los Chorrillos, Lago Fuego, and Tierra del Fuego Fracción A, B, C, D, and E
The company’s CFO, Fernando Melgarejo, attributed the profit to an increase in crude output, which helped offset the decline in international prices
