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
Venezuela is considering withdrawing from the Organization of the Petroleum Exporting Countries (OPEC), a move that could further weaken the oil group's influence over global crude markets
Saudi Aramco has offered more oil for loading outside the Strait of Hormuz in September, four sources familiar with the matter said, after the producer sold at least 4 million barrels to China this month
Mercuria and Continental will become equal partners in Phoenix Global Resources. and plan to triple the output to over 100,000 barrels of oil equivalent per day
Argentina's Energy Secretariat said the Vaca Muerta shale formation holds an estimated 30.17 billion barrels of recoverable oil, according to a new technical study
Global oil supply will fall by 4.3 million barrels per day, or around 4%, this year, the International Energy Agency said, as renewed hostilities in the Middle East disrupt supplies and plunge the world deeper into an oil-market deficit
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
