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
Oil prices could see further gains in 2026 as geopolitical risks continue to fuel volatility, HSBC said, although the bank added that market fundamentals should cap rallies and keep prices anchored in the mid-$60s range
The companies have been unable to export Venezuelan oil since the second quarter of last year, when President Donald Trump’s administration suspended the licenses
The OPEC+ oil alliance, led by Saudi Arabia and Russia, produced an average of 42.83 million barrels per day (bpd) of crude in December, cutting output by 238,000 bpd, or 0.5%, from November levels
Oil prices are likely to fall this year as a wave of supply creates a surplus in the market, although geopolitical risks linked to Russia, Venezuela and Iran will continue to fuel volatility, Goldman Sachs said
U.S. oil producer Continental Resources has signed an agreement with Pan American Energy (PAE) to develop four areas in the Vaca Muerta region jointly
