One of the biggest oil companies in the world, BP, is not ruling out that the oil demand crash amid COVID-19 and perhaps the subsequent lasting change in people's lifestyle may have already brought about peak oil demand.

Saudi Aramco reported on Tuesday a net income of US$16.66 billion for the first quarter of 2020, down from net earnings of US$22.2 billion for Q1 2019, due to the coronavirus pandemic and the oil price crash that Saudi Arabia itself helped to worsen with the oil price war in March.

Premier Oil has started talks with BP to ask for the price of the Andrew and Shearwater North Sea oilfields in its proposed $625 million deal to be reduced due to weak oil prices, CEO Tony Durrant said on Wednesday.

Hemmed in by weak demand and scarce storage, the world’s biggest exporter of liquefied natural gas may soon face a stark choice: curb output or ignite a battle for market share that has the potential -- just as in the oil market -- to turn gas prices negative.

None of the big oil companies currently meet U.N. targets to limit global warming despite the most ambitious targets set by Royal Dutch Shell and Eni , investors managing $19 trillion said on Tuesday.

he world will soon bounce back from this pandemic, but the recovery will be rough and painful. The current low oil price environment will also come to an end, with prices possibly spiking as demand recovers.

The Norwegian government has cut its oil price assumption for 2020 to 331 Norwegian crowns ($32.17) per barrel from 476 crowns last October, a revised budget showed on Tuesday.

The great oil glut of 2020 may have already peaked in the world’s biggest crude importer.

Big Oil emerged from first-quarter earnings battered and bruised, but things are only going to get uglier.

Oil declined as doubts circulated over Saudi Arabia’s ability to implement additional pledged production cuts.