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World’s biggest oil storage firm says almost all space sold

OilNOW -
(Bloomberg) The world’s biggest independent oil storage company said that space for traders to store crude and refined fuels has all but run out as a result of the fast-expanding glut that’s been caused by Covid-19. “The available capacity on...
Opinions

OPINION: Bottom has fallen out for WTI oil prices: close watch on Brent futures for Guyana

Bobby Gossai, Jr. -
West Texas Intermediate crude turned negative today, reaching the lowest on record with its seventh consecutive decline and the biggest fall on record. Chevron and Exxon led losses in the blue-chip index as West Texas oil futures expiring Tuesday...
News

Forbes: Don’t panic…it is not oil price Armageddon

OilNOW -
For perspective, it is not oil price Armageddon. West Texas Intermediate (WTI) May-dated futures contracts, which expire on Tuesday, require futures buyers to take delivery of the oil that is in Cushing, Oklahoma, the largest crude oil storage hub...
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WTI Oil crashes 99% to 1 cent per barrel

OilNOW -
U.S. oil prices plummeted in historic fashion Monday, hitting their lowest level on record as traders unloaded positions ahead of the May contract's Tuesday expiration, Yahoo Finance said in a report on Monday. West Texas Intermediate crude oil futures for...
News

Global shut-ins surge as Canada, Venezuela among those leading 2 million bpd drop off

OilNOW -
After three consecutive months of Covid-19 demand destruction and gravity-defying oil prices, operators are finally being forced to shut-in considerable production volumes. Globally, at least 1.9 million barrels per day (bpd) of oil production have been booted offline in...
News

China: the only respite for crude sellers – S&P Global

OilNOW -
As the world faces unprecedented destruction in oil demand brought about by the coronavirus pandemic, China has in recent weeks emerged to be the only respite for crude sellers seeking to offload their cargoes, market sources told S&P Global...
News

US oil prices drop to 21-year low as demand dries up

OilNOW -
(BBC) The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out. The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3%...
News

Moody’s downgrades Pemex; no new debt without sovereign guarantees

OilNOW -
Rating agency Moody’s has downgraded Mexico’s debt=laden state oil company Pemex to ‘junk’ which will trigger forced bond sales and increase future financing costs. Pemex was downgraded two notches to Ba2 from Baa3, with a negative outlook. As a result,...
News

ConocoPhillips reduces 2020 cash uses by additional $3 Billion

OilNOW -
ConocoPhillips announced on April 16, 2020 that it is taking further actions to respond to the oil market downturn. These actions include capital, operating cost and share repurchase reductions of $3 billion and follow initial actions announced on March...
Opinions

Oil prices, OPEC and non-OPEC oil production: coordination for Guyana

Bobby Gossai, Jr. -
The Organization of the Petroleum Exporting Countries (OPEC) was established in Baghdad in 1960. The founding members were Iraq, Iran, Kuwait, Saudi Arabia and Venezuela. Later on, the following members joined the organization: Qatar, Indonesia, Libya, United Arab Emirates...
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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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