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Oil extended its drop for a second day as fears of a global slowdown outweighed continued supply disruptions and market tightness.

DLE has the potential to generate billions of dollars in revenue to E&P companies.

Oil output cuts and weaker prices pushed Saudi from being one of the fastest-growing G20 countries to one of the slowest.

Oil felt continued pressure this week from slight oversupply dynamics.

The IEA now forecasts that world oil demand will hit 99.7 million barrels per day this year.

The use of oil for transport fuels will decline after 2026, and growth in overall oil demand will 'slow almost to a halt in the coming years'.

'Despite its difficult economic situation, China looks on track to account for 75 percent of the increase in world oil demand this year'.

The outlook for Chinese oil markets is looking a little brighter after a boom in travel over the Lunar New Year, raising hopes of a more sustained recovery in demand.

The world is using more oil than ever and demand is outpacing expectations again this year.

The Covid-19 resurgence is posing a threat to global oil consumption.