Oil prices fell for a second day today after the IEA warned that demand growth for crude products had slowed sharply due to surging cases of the Delta variant of COVID-19 around the world. Brent crude fell 31 cents, or 0.4%, to US$71.00 a barrel by...
Bank of America (BofA) Global Research has raised its Brent crude price forecasts for this year and next, in light of improving oil demand as economic activity ramps up around the world following the COVD-19 crisis. The bank raised its Brent crude oil price forecast to...
Oil consumption will jump by about 5 million barrels a day - or around 5% - in the second half of 2021 compared to the first, as countries around the world begin their exit from the pandemic slump. This is according to a new report by...
The International Energy Agency (IEA) has sharply raised its estimate for global oil demand in 2021, after seeing ‘robust’ indicators and growing expectations of a swifter global economic recovery from the COVID-19 crisis, particularly in the US and China. In its latest monthly oil market report,...
BP has declared that global oil demand may never exceed the level reached in 2019, following the impact of the COVID-19 pandemic this year and an acceleration in the green energy transition. In its annual Energy Outlook report, BP said that ‘peak oil’ may have been...
The oil market slipped yesterday after the International Energy Agency (IEA) lowered its demand prediction for the rest of the year and 2021, based on a surge in new cases of COVID-19 globally. In its latest monthly report, the energy body reduced its 2020 demand forecast...
Saudi Aramco has reported a 73% plunge in profit for the second quarter of 2020, when the COVID-19 pandemic precipitated a collapse in demand for oil as economies around the world went into lockdown. However, the Saudi state-owned energy giant maintains it will pay out US$75...
BP has cut its prized investor dividend in half after reporting a record US$6.7 billion loss in the second quarter of the year, when the COVID-19 pandemic destroyed fuel demand and oil prices. On Tuesday, the British oil major announced that it will "reset" its shareholder...
Total has announced it will take an US$8 billon impairment on the value of its assets, mainly in carbon-intensive oil sands projects, following the collapse in oil demand earlier this year during the COVID-19 crisis. The French energy major slashed its oil and gas price outlook,...
Low oil prices and a sustained economic recovery could bring global oil consumption back to pre-crisis levels and beyond, according to the International Energy Agency’s executive director Fatih Birol. Birol warned governments that the COVID-19 pandemic will only reduce oil demand briefly, with consumption dipping in...