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>>>

While 98% of the energy it uses is fossil fuel, Singapore is the world record holder in this field, while this country meets 73% of its energy needs from oil consumption.

Fossil fuel use is 93 percent in Australia and 91 percent in South Africa. In Luxembourg and the Netherlands, the use of fossil fuels is 90 percent.

While coal consumption in South Africa covers 73 percent of all fossil fuels, in the Netherlands 45 percent of total energy consumption is met from natural gas.

Which of the World’s 5 Countries Depends on Fossil Fuels? | Devamı>>>

The Brent oil price forecast by the EIA was increased by $6 to $72 per barrel in the second half of the year.

The US Department of Energy’s Energy Information Administration (EIA) increased its Brent oil price forecasts in its Short-Term Energy Outlook study published in July. While the price forecast for Brent oil for the second half of 2021 was announced as 72 dollars / barrel, the price forecast for 2022 was stated as 67 dollars / barrel.

‘EIA’ Upgrades Oil Price Forecasts | 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>>>

Russia and Saudi Arabia both rely on oil sales to fund a majority of their budgets. In the last five plus years, China has become the biggest customer for both countries. In fact, China is the world’s largest importer of oil, though it could cut imports if it stopped adding to inventory (storage). China has stored so much oil over that half a decade, that it could practically halt all oil imports and get by just fine for a while.

How Russian and Saudi Oil Ties to China | 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>>>

OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following days of discussions among the world’s largest energy producers. It’s the single largest output cut in history.

West Texas Intermediate crude, the U.S. benchmark, fell 1.54% on Monday to settle at $22.41 per barrel. Brent crude traded 34 cents higher at $31.82.

Sunday’s emergency meeting — the second in four days — came as oil-producing nations scrambled to reach an agreement in an effort to prop up falling prices as the coronavirus outbreak hammers demand.

OPEC and Allies Finalize Record Oil Production Cut After Days of Discussion | Devamı>>>

Whole cities, towns, regions and countries are in lockdown owing to the coronavirus or Covid-19 global pandemic with shutdowns stretching from the Philippines to Canada and much else in between.

Earlier this week, India – the world’s second-most populous country – initiated its lockdown to control the virus outbreak. That’s a $2.7 trillion GDP economy of over 1.3 billion people grinding to a virtual halt. With each passing day, the question on every energy forecasters‘ mind is what such lockdowns will do to crude demand.

Global Oil Demand Could Fall 20% In Coronavirus Lockdown | Devamı>>>

Oil prices on Friday posted their biggest week of losses since the 2008 global financial crisis, rocked by the coronavirus outbreak and efforts by top exporter Saudi Arabia and its allies to flood the market with record levels of supply.

The rare combination of severe shocks to both supply and demand has caused the crude market to collapse as producers around the world steel themselves for an unexpected glut of oil in coming weeks.

Oil Prices Crude Posts Biggest Weekly Losses Since 2008 | Devamı>>>

The International Energy Agency plans to revise down its oil-demand forecasts next week because of the spreading coronavirus. “I am going to announce it Monday morning in Paris,” IEA chief Fatih Birol told a Congressional hearing in Washington on Thursday. “The impacts are already severe mainly because the transport sector is heavily affected.”

Last month, the Paris-based adviser to industrialized nations warned that the virus could curb annual growth in oil consumption to the lowest since 2011, but still called for 800,000 barrels a day of growth.

IEA Plans to Revise Down Oil Demand Forecasts Due to Virus | Devamı>>>

Oil prices fell through the floor in early trading Monday, tanking as much as 30% after Saudi Arabia slashed its crude prices for buyers. The kingdom is reportedly preparing to open the taps in an apparent retaliation for Russia’s unwillingness to cut its own output.

“This has turned into a scorched Earth approach by Saudi Arabia, in particular, to deal with the problem of chronic overproduction,” John Kilduff, founding partner of Again Capital, told CNBC.

Oil Nosedives as Saudi Arabia and Russia Set Off ‘Scorched Earth’ Price War | Devamı>>>

Oil demand is set to fall this quarter for the first time since the financial crisis in 2009 due to the coronavirus outbreak in China, the International Energy Agency (IEA) said on Thursday.

“The consequences of Covid-19 for global oil demand will be significant,” the Paris-based IEA said in a monthly report, using the new scientific name for the virus.

Demand in the first quarter of 2020 is expected to fall by 435,000 barrels per day (bpd) compared with a year earlier, it said, noted it would be “the first quarterly decrease in more than a decade”.

Oil Demand Set for First Fall in a Decade as Virus Takes Toll: IEA | Devamı>>>