COVID-19 wreaks havoc on Asia’s automotive industry
The COVID-19 pandemic has been a bane to vehicle producers in Asia, but the industry’s reaction is just the tip of a supply chain disruption as heightened demand destruction to Continue Reading
NASA releases concept images of all-electric X-57 Maxwell airplane in final Mod IV configuration
NASA has released a series of concept images of the all-electric X-57 Maxwell airplane ( earlier post ), showcasing aspects of its final Mod IV configuration during different flight modes. Continue Reading
Coronavirus spread to cause 20 million b/d decline in oil demand: IEA’s Birol
The global spread of the coronavirus will cause oil demand to drop by roughly 20 million b/d to about 80 million b/d this year, Fatih Birol, executive director of the Continue Reading
IEA Boss Warns Demand Will Plunge By 20 Million Barrels Per Day
Global oil demand could fall by about 20 million barrels per day , EIA’s Executive Director, Fatih Birol said in a Thursday press briefing, according to Bloomberg. As 3 billion Continue Reading
Goldman Sachs: Prepare For A Massive Oil Demand Shock
Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March, Goldman Sachs said, while the coronavirus pandemic continues Continue Reading
The Oil Glut Is About To Get Even Worse
With only a week to go before OPEC+ countries start flooding the world’s total oil production with an estimated extra 2.5 million barrels per day (bpd) amid the Covid-19 crisis, Continue Reading
A Gusher of Oil and Fewer Places to Put It
The world is awash in crude oil, and is slowly running out of places to put it. Massive, round storage tanks in places like Trieste, Italy, and the United Arab Continue Reading
Demand Destruction Foils Saudi Arabia’s Plan To Flood Europe With Oil
Saudi Arabia has promised a flood of cheap oil to Europe as it aims to hit its former ally Russia in its own backyard, but it looks like demand for Continue Reading
U.S. Gasoline Demand Plummets Despite Low Oil Prices
Demand for gasoline in the United States fell by 859,000 bpd, the Energy Information Administration (EIA) said in its weekly petroleum status report . According to Reuters, this is the Continue Reading
US DOE still seeking funding for SPR crude fill after Congress nixes plan
The Trump administration will continue to urge Congress to appropriate $3 billion to fill the Strategic Petroleum Reserve with US crudes after lawmakers removed the plan from a coronavirus relief Continue Reading