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
Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said, as rising production from the US and other producers outpaces sluggish demand
In a monthly report, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023
The president of Brazil’s state-controlled oil company Petrobras, Magda Chambriard, highlighted that the launch of new extraction platforms will ensure production growth over the next eight years
Argentina's state oil firm YPF, opens new tab expects to increase shale oil production by 30% to 40% next year, the company's CEO Horacio Marin said
In a statement, the U.S. Environmental Protection Agency explained that this directive encourages companies to take immediate actions to reduce methane emissions
Argentina inaugurated the reversal of the Gasoducto Norte pipeline, which will now supply northern and central Argentina as well as allow exports to Brazil from Vaca Muerta
The company, led by Miguel Galuccio, will invest between $1.1 billion and $1.3 billion in 2025 to achieve this production level by connecting 60 new wells and will announce a new long-term strategic plan next year
According to official data, the country accumulated a positive balance of $3.157 billion in the first eight months of this year. According to official and private projections, Argentina could end 2024 with a surplus between $5 billion and $6 billion
