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Exxon set to slash spending as market conditions worsen over COVID-19 pandemic

OilNOW -
US oil major ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases, the company said Monday. “Based on this unprecedented environment, we are evaluating all appropriate steps to...
News

Most extreme global oil supply surplus ever recorded is on the horizon – IHS Markit

OilNOW -
Extraordinary conditions can lead to startling outcomes. IHS Markit says that is where the oil market now finds itself—in a truly extraordinary situation in what has been a transformative week for the global industry. There has been a dizzying...
News

Developing nations may lose up to 85% of oil and gas income this year

OilNOW -
Developing nations’ oil and gas income will fall by 50% to 85% this year to a more than two-decade low if current market conditions persist, the International Energy Agency and OPEC said in a rare joint statement on Monday,...
News

ICJ hearings on Guyana-Venezuela border case postponed

OilNOW -
The International Court of Justice (ICJ), the principal judicial organ of the United Nations, has indicated that the oral proceedings scheduled to begin on March 23, 2020 concerning the Arbitral Award of October 3, 1899 (Guyana v. Venezuela) have...
News

Non-OPEC production from countries such as Guyana will continue to be resilient – WoodMac

OilNOW -
Saudi Arabia kicked off an oil price war with Russia at a time when the world is dealing with the coronavirus outbreak decimating supply chains, inducing panic buying and grounding flights, as reported by Al Jazeera on March 15....
News

Saudi-Russia oil price war could lead to global economic recession – John Hess

OilNOW -
CEO of Hess Corporation John Hess said the fallout from the current oil price war between Russia and Saudi Arabia could lead to a worldwide economic recession and a reduction of US oil production in 2021. Hess was on March...
News

CARICOM team heads to Guyana for full recount of votes

OilNOW -
A team from regional body CARICOM is expected to arrive in Guyana on Sunday to supervise a full recount of votes in coming days. Following the March 2 election, the tabulation of votes by the Guyana Elections Commission (GECOM)...
News

ExxonMobil lowers 2020 production target, slows Permian growth

OilNOW -
(S&P Global) ExxonMobil on Thursday lowered its 2020 total oil and gas production estimate about 7% to 3.9 million boe/d, which includes slowing operations slightly in the Permian Basin, based on both lower oil prices. In the West Texas/New Mexico...
Opinions

The potential economic effects of a global pandemic on the Guyanese economy

Bobby Gossai, Jr. -
The global economic activity will be more strongly affected by a pandemic with high infection rates rather than high virulence rates, all else being equal. At the regional level, regions with a higher degree of economic integration with the...
News

Largest oil and gas trade show in the world postponed

OilNOW -
Organizers of the Offshore Technology Conference announced that the event has been postponed to the third quarter of 2020. The group is working to confirm new dates for the event in August or September. Event organizers said in a statement...
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Guyanese soldiers repeatedly attacked by armed men on Venezuelan shore during river patrols on Wednesday

The Guyana Defense Force (GDF) said on Thursday that its troops came under attack by armed men in civilian...

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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