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
The governor of Neuquén authorized Pluspetrol to cede to GeoPark 100 % of its stake in the exploitation concession at Puesto Silva Oeste and in the natural gas transport concession from Puesto Silva Oeste to Neuba II
The International Energy Agency estimates that the oil production surplus, given the rapid increase in crude entering the market from OPEC+ and a slowdown in demand growth, has averaged 1.9 million barrels per day since the beginning of the year
The US issued new sanctions targeting Iran’s oil exports, including measures against a Chinese “teapot refinery,” as the Trump administration seeks to ramp up pressure on Tehran
Governments worldwide plan to produce 120% more fossil fuels by 2030 than the level consistent with limiting global warming to 1.5 degrees Celsius, as outlined in the Paris Agreement
In a client note, Barclays energy analyst Amarpreet Singh reiterated a constructive stance on the sector, citing resilient demand and persistent supply constraints among major producing nations
