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Oil ends lower as producers delay a key meeting, feeding uncertainty over potential output cuts

OilNOW -
(Market Watch) Oil futures ended lower on Monday, with the U.S. benchmark posting a loss of 8% after a key meeting of major crude producers, including Saudi Arabia and Russia, was tentatively shifted to Thursday, amid rising tensions between...
News

Russia, Saudi Arabia very close to an oil deal – Russia’s wealth fund chief

OilNOW -
(CNBC) Russia and Saudi Arabia are “very, very close” to a deal on oil production cuts, according to the chief executive of Russia’s sovereign wealth fund RDIF. “I think the whole market understands that this deal is important, and it will bring lots of stability,...
News

Fugro forced to implement hiring, salary freeze as impact of COVID-19 deepens

OilNOW -
Dutch engineering company Fugro said on Monday it is taking appropriate measures during the COVID-19 pandemic to keep its employees, partners and clients safe and healthy while ensuring service delivery. Current market conditions have forced the company to implement...
Exploration

“We do not see Exxon turning off the taps in Guyana” – Rystad Energy

OilNOW -
The fall in oil prices triggered by the Saudi Arabia-Russia price war and the COVID-19 global pandemic has resulted in a number of oil and gas companies readjusting their 2020 exploration and production programmes. US oil major ExxonMobil said...
News

Suriname must begin discussion on coming oil money – Staatsolie CEO

OilNOW -
Mr Rudolph Elias, CEO of Suriname state oil company Staatsolie Maatschappij Suriname N.V., says with the second significant oil discovery at Block 58 offshore Suriname by Apache Corporation and Total, it is of the utmost importance that a national...
Exploration

Coronavirus pushes oil towards the abyss

OilNOW -
The crude oil market is staring into an abyss. The challenges are physical – dealing with extreme oversupply – and financial, with market participants from wellhead to forecourt under severe duress. Ann-Louise Hittle and Alan Gelder, who, respectively, lead...
Opinions

Policy interventions for Guyana’s dependency on crude oil and financial implications

Bobby Gossai, Jr. -
In the context of the oil price volatility (OVP), which is occurring, the global dependency on crude oil has serious financial implications; chiefly, trade deficits are now foremost the result of expenditure allocated to crude oil imports. Expenditure devoted...
News

Half the world under ‘stay at home’ orders as COVID-19 cases surpass 1 million

OilNOW -
(S&P Global) At the conclusion of a difficult week, the world surpassed 1 million confirmed cases of coronavirus and the total global death toll neared 60,000. A new wave of infections prompted China and Singapore to reinstate lockdowns over...
News

OPEC+ poker game on Monday: Russia holds better cards than Saudi Arabia

OilNOW -
A month after the last unproductive OPEC+ meeting and with COVID-19 slashing demand amid the ongoing price war, the US has managed to broker a new extraordinary meeting for oil-producing nations. Russia and Saudi Arabia will be back to the...
News

Brazil’s Petrobras makes new oil discovery at Santos Basin

OilNOW -
Brazilian oil and gas company Petrobras said Thursday it has identified the presence of oil in the pioneer well of the Uirapuru block, located in the Santos Basin pre-salt. In a press release, the company said that the pioneer well,...
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Q1 withdrawal from Guyana’s oil fund up 60% from last year’s

The Guyana government ramped up withdrawals from the country’s oil fund in the first quarter of 2025, taking out...

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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