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US oil futures looking to post third straight gain but faces 30% weekly loss

OilNOW -
Oil futures on Friday headed higher for a third straight session, but with U.S. prices on track for a more than 30% weekly loss as commodity investors attempted to take stock of a historic collapse in prices that cast...
News

US oil price under pressure as Guyana and T&T keep close watch on Brent futures

OilNOW -
While the sale of crude from the Liza Field in Guyana and in neighbouring Trinidad and Tobago (T&T) has not shared the same fate as US oil, former Energy Minister of Trinidad and Tobago, Kevin Ramnarine, says the Caribbean...
Exploration

Petronas shuts down 14 projects as deepwater pressure mounts on oil price, COVID-19 concerns

OilNOW -
Malaysian oil and gas company Petroliam Nasional Bhd (Petronas) is said to have reduced the number of its fully active rigs from 18 to four since oil price began dropping late last year. According to The Straits Times, the national...
News

Tankers carrying 20 million barrels of crude are surrounding California with nowhere to unload

OilNOW -
Oil tankers carrying enough crude to satisfy 20 per cent of the world’s daily consumption are gathered off California’s coast with nowhere to go as fuel demand collapses, Bloomberg said in a report on Tuesday. Almost three dozen ships —...
News

Close to US$55M from Guyana’s 1st oil lift deposited into Federal Reserve Bank account

OilNOW -
The revenue from Guyana’s first oil cargo of 1 million barrels of Liza crude has been deposited into the Natural Resource Fund account held by the Bank of Guyana at the Federal Reserve Bank of New York. The Ministry of...
News

International Court begins virtual meetings as COVID-19 measures continue

OilNOW -
The International Court of Justice (ICJ) announced on Thursday that it is continuing to perform its functions despite the containment measures put in place around the world to halt the spread of COVID-19. The ICJ said through the use of...
News

Drop in gasoline demand globally driving oil to the brink

OilNOW -
As the global population puts the breaks on ground transportation thanks to lockdowns, road fuels – which make up about half of the world’s oil demand – has become the segment most impacted by the COVID-19 pandemic. Among road...
News

Tullow sells stake in Uganda oil fields for $575 million

OilNOW -
Tullow Oil announced on Thursday that Total has agreed to buy its entire stake in their joint onshore oil fields in Uganda for $575 million as part of its target to raise $1 billion this year to tackle its...
News

US fracking set for biggest monthly decline in history

OilNOW -
The Covid-19 pandemic has ravaged global oil demand and, coupled with the extremely low price levels brought on by the wide supply surplus, is likely to cause the largest monthly drop in fracking activity ever recorded in the US,...
News

Oil price collapse pushes Shell to delay major O&G projects

OilNOW -
Royal Dutch Shell has postponed decisions on whether to go ahead with two large oil and gas developments in the Gulf of Mexico and North Sea after oil prices collapsed due to the coronavirus crisis, a company source told...
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SBM Offshore Guyana and VMFA inspire young female athletes at Kickin’ Conversations 2025

SBM Offshore Guyana, in collaboration with the Vurlon Mills Football Academy (VMFA), successfully hosted its second ‘Kickin’ Conversations’ empowerment...

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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