Petroleum industry

The International Energy Agency (IEA) has lowered its oil demand forecasts by the end of the current year and 2021 as a result of lower air fuel consumption due to the lower number of air passengers as a result of the second wave of coronavirus pandemic.

The global death toll from the coronavirus neared 400,000 on June 7 with fatalities accelerating in Latin America, as oil-producing countries agreed to extend output cuts to offset a collapse in prices caused by the pandemic.    

Turkey has intensified hydrocarbon exploration and drilling activities in the Eastern Mediterranean despite the COVID-19 pandemic, which along with low oil prices has caused the temporary suspension of activities of foreign oil companies in the region.

Despite the negative consequences of the pandemic on drilling plans in the region, Turkey is expanding its operations.

The domestic market is following international developments in the oil industry in awe as rates plummet, with projections for the coming weeks remaining uncertain as analysts await June futures to obtain a clearer picture.

Brent oil price dived below $30 per barrel on April 14 with rising oversupply in the global market due to low oil consumption around the world.

Price of the international benchmark hit $29.85 a barrel at 1548GMT for a daily loss of 5.95% after closing Monday at $31.74 per barrel.

Oil price stability is needed for predictability in the global oil market, and volatility in oil prices must end immediately, Turkey's energy and natural resources minister said on April 11. 

Russian President Vladimir Putin discussed with his U.S. counterpart Donald Trump on April 10 the situation at globals oil markets, and the coronavirus outbreak over phone.

OPEC and its allies agreed early on April 10 to lower their collective crude oil production by 10 million barrels per day (bpd) until the end of the second quarter of 2020.

Saudi Arabia-led OPEC and Russia-led non-OPEC oil-producing nations started their 9th (Extraordinary) OPEC and non-OPEC ministerial meeting via webinar on April 9 at 1445GMT.

The low oil price environment in the global market is dragging the Middle Eastern oil-producing countries to collapse, whose economies are strongly dependent on crude oil production and exports.

Oil prices extended losses in Asian trade on March 30 and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war.    

U.S. benchmark West Texas Intermediate fell 5.3 percent to trade at $20 a barrel, while international benchmark Brent crude was off 6.5 percent at $23.