According to the information compiled from the industrial production and retail sales data showing the slowdown in economic activities in China, the decrease in fuel demand in China caused oil prices to fall by about 1.5% on the first working day of the week, falling below $70.

The barrel price of Brent oil is currently trading at $69.57, while the American West Texas oil (WTI) continues to trade at $67.35/barrel, down 1.6% compared to Friday.

Oil Prices Drop by 1.5% To Below $70 | Devamı>>>

The year-end oil price forecast by the American investment bank JP Morgan was reduced by $5 per barrel.

In the report prepared by JP Morgan, the crude oil price forecast for the end of 2021 was reduced from $83/barrel to $78/barrel.

In addition, the 3rd quarter forecast for global oil demand was reduced by 1 million barrels per day.

Oil Price Forecast by ‘JP Morgan’ Dropped 5 Dollars | Devamı>>>

The value of Saudi Arabia’s oil exports in May increased 147% to just over 60 billion riyals ($16 billion) from a year earlier while non-oil exports rose by 70%, official data showed on Wednesday.

“Overall merchandise exports increased by 120.1% in May 2021 compared to May 2020, when international trade was impacted by COVID-related lockdowns and travel bans in numerous countries”, the General Authority for Statistics said.

Oil exports accounted for 73.2% of total exports, up from 65.3% in May last year.

Saudi Arabia’s Oil Exports Climb 147% to $16 bln in May | Devamı>>>

The OPEC+ alliance is widely expected to decide next week to further ease the collective production cuts, but the additional supply from August will likely still be less than the supply deficit on the market, analysts and traders told Bloomberg in a survey.

The ministers of OPEC+ meet on July 1 to decide how to proceed with the management of oil supply to the market in the first meeting since April, which analysts expect with more noise than in the past three months when the group was meeting just to confirm plans it had made for easing the cuts between May and July.

Analysts Expect OPEC+ To Raise Oil Supply From August | Devamı>>>

The 17th Ministerial Meeting, where the OPEC+ member countries, energy and oil ministers came together via video conference to evaluate the market conditions and discuss the amount of production cuts agreed on April 01, ended.

In the statement made by OPEC, it was stated that the production regulation decision determined at the 15th Ministerial Meeting, in line with the observations made on the fundamental situation in the markets, will also be implemented for July.

‘OPEC+ Countries’ to Continue Plan to Mitigate Production Cuts | Devamı>>>

Petrol Ofisi received an award in the Customer Experience category at the Best of Sales Awards, where outstanding performances in projects, practices and approaches in sales are rewarded.

In the #BoSA2021 – Best of Sales Awards, organized for the third time this year by Sales Network, 33 brands in 13 categories were awarded. Petrol Ofisi was deemed worthy of an award in this category for its success in the field of “Customer Experience” in the contest, which it participated with the Siftah Liderden campaign organized under pandemic conditions.

PO Received the Best of Sales Awards for its Customer Exp. Achievement | Devamı>>>

A National Football Team, which has been camping at Antalya Regnum Carya Golf & Spa Resort for EURO 2020 since 18 May, took a short break from their work last night and watched the stage show of the brand face, Cem Yılmaz, with the surprise organization of OPET. OPET and Cem Yılmaz wished success to the Nationals in EURO 2020 with the slogan “Goodbye, goodbye, goodbye”.

Turkish Football Federation Official Fuel Supplier OPET organized a morale show with the concept of “Goodbye Go, Goodbye Bride” for the National Team on its way to the UEFA Euro 2020 European Football Championship, together with its brand face, Cem Yılmaz.

National Team Morale Night “Goodbye Go, Goodbye Come” Happened | Devamı>>>

Oil major Royal Dutch Shell on Thursday outlined the details of its near-term and long-term plans to transition to cleaner energy, saying its oil production and total carbon emissions have already peaked.

Shell said it aims to reduce net carbon emissions by between 6% to 8% by 2023 when compared to 2016 levels. The target jumps up to 20% by 2030, 45% by 2035, and 100% by 2050.

‘Shell’s Carbon Emissions and Oil Production Have Peaked | Devamı>>>

Herculean global action to roll back the economic carnage of the coronavirus is about to bump into a new problem: climate change. With as much as $15 trillion in economic stimulus on offer – an unfathomable 17% of global GDP – we’ll see spending on a scale that will affect the earth’s climate no matter what.

Most of the spending is being raised in China, the European Union and the United States, the big three global emitters.

Can Coronavirus Stimulus Get Us Off Fossil Fuels? | Devamı>>>

Demand growth for refined oil products will never return to the levels it reached before the coronavirus outbreak, Citigroup said. As the global economy restarts, fewer people will fly and use their cars, analysts including Ed Morse wrote. With meetings going virtual and business no longer needing to move employees around the world in the same way as before, there will be powerful forces pushing a transition away from oil, they wrote in a report.

At its peak, the virus wiped out as much as 30% of total oil demand, and the market is still recovering.

Citigroup Says Oil Demand Will Never Reach Pre-Pandemic Levels | Devamı>>>

European oil majors have increased their ambitions to tackle climate change markedly in the last six months, with Total, Shell, BP, Repsol and Eni all having made commitments to significantly reduce the carbon intensity of the energy they supply.

The moves, encouraged by pressure from investors and consumers, mark a significant departure from their North American peers and the difference in approach seems likely to intensify in years to come. However, their claims to be aligned with the net zero targets that many countries are introducing are overstated, a new report claims.

Europe’s Oil Majors Start Embrace Alternative Energy And Climate Targets | Devamı>>>

Global oil supplies may be 6% less than expected by 2030 because of delays to investments by energy companies in response to falling crude prices due to the coronavirus crisis, data from energy analysts at Rystad showed.

Oil and gas companies across the world have slashed investment budgets, exiting projects or delaying bringing them onstream to counter a fall in crude prices to record lows due to a supply glut as the coronavirus outbreak destroyed demand.

Global Oil Supply to Fall 6% by 2030 Due to Delayed Projects: Data | Devamı>>>