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Oil price hits multi-year high bolstered by OPEC+ production restraint

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(Reuters) - Oil hit a multi-year high on Wednesday above $83 a barrel, supported by OPEC+'s refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally. The market later unwound those gains due...
News

China’s gas demand has returned stronger than before

OilNOW -
By Miaoru Huang - Research Director, APAC Gas & LNG at Wood Mackenzie After a pandemic slowdown last year, China’s demand for gas appears to have returned stronger than before. In H1 2021, China’s gas demand saw a 16% year-on-year...
Opinions

Guyana and Suriname: the role of emerging oil markets on the path to net zero

OilNOW -
By Arthur Deakin – OilNOW This year, the world has become increasingly aware of a global energy shortage as well as the irreversible damages of climate change. Throughout Europe, gas prices have tripled due to a fall in inventory meeting...
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Higher natural gas prices to boost Exxon’s 3Q profits by around $700 million

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(Natural Gas Intelligence) Higher natural gas prices are predicted to boost ExxonMobil’s third quarter upstream profits by around $700 million, more than forecast for oil, the energy major said. In its 3Q2021 earnings guidance, detailed in a Securities and Exchange...
News

Saipem awarded new drilling contracts in Middle East, South America

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Saipem has been awarded new onshore drilling contracts in the Middle East and in South America. In particular, a contract has been awarded in the United Arab Emirates with a duration of approximately 15 months. In South America, Saipem has...
News

Drivers of civil unrest in Latin America

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(IHS Markit) Latin American countries are gradually beginning to reopen after 18 months of coronavirus disease 2019 (COVID-19)-virus-related restrictions. Although the region is set to grow in 2021, long-run political and economic-related grievances have been exacerbated by the pandemic....
News

Global oil demand ‘very healthy’, will reach close to 99 million b/d by year-end

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(S&P Global) Global oil demand is "very healthy" and will reach close to 99 million b/d by the end of this year from 97 million b/d in Q3, with some natural gas customers switching to liquids, Saudi Aramco CEO...
News

Norway firm had estimated over $300 billion revenue take for Guyana at an oil price of $80

OilNOW -
Oil remained steady on Monday ahead of an OPEC+ meeting, with Brent hovering around $79.22 per barrel. A Norway-based energy research and business intelligence company had estimated just last year that Guyana would rake in over $300 billion in...
News

Guyanese will lose out on oil and gas opportunities unless swift action is taken on local content, warns key private sector player

OilNOW -
A key player in Guyana’s business community is sounding a dire warning that if swift action is not taken to implement local content legislation, Guyanese will continue to lose out on major procurement opportunities for the offshore oil developments. “I’ve...
News

OPEC+ plan to boost output not enough to meet demand, says Vitol’s Muller

OilNOW -
(S&P Global Platts) The plan by OPEC+ to boost crude oil production by 400,000 b/d each month until December won't be enough to cater to rising global oil demand and help build inventories, particularly in Asia, where more supply...
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ExxonMobil says Guyana operations funded from equity, not U.S. taxpayers’ dollars

ExxonMobil Guyana says no American taxpayer money is financing its operations in the South American country. President, Alistair Routledge,...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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