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Loaded tankers unable to discharge fuel forces Pemex to declare force majeure on imports

OilNOW -
Mexican state oil company Pemex has declared force majeure over fuel imports from its trading arm PMI Comercio Internacional, two sources with knowledge of the decision told Reuters on Thursday, as demand craters due to fallout from the coronavirus...
Opinions

Network structure of oil producing countries and the impact of oil price changes

Bobby Gossai, Jr. -
Fluctuations in oil prices have caused oil-producing countries to design policies to control the global oil production and increase oil prices. The Organization of the Petroleum Exporting Countries (OPEC) regularly takes actions to coordinate its members’ oil production decisions...
News

Halliburton follows Chevron in halting Venezuelan operations

OilNOW -
Oilfield services provider Halliburton Co said on Friday it would cease most of its operations in Venezuela after the U.S. Treasury Department imposed tight new regulations on oil and gas companies doing business in the South American nation, Reuters...
News

Saipem in 269 million euros loss as projects get parked, axed

OilNOW -
Italian multinational oilfield services company Saipem said on Thursday it can no longer offer guidance for 2020 due to unpredictable market conditions brought on by the coronavirus pandemic and plummeting oil prices. Saipem said it recorded a loss in...
News

Caribbean economist highlights Guyana’s economic prospects in face of political uncertainty

OilNOW -
Guyana's economic prospects remain bright in face of the COVID-19 pandemic and falling oil prices. The one potential pitfall continues to be the unresolved elections held on March 2 for which a winner still cannot be determined. Allegations of...
News

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...
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NewsShikema Dey -

SBM Offshore turnkey revenue doubles on progress of Jaguar and GranMorgu FPSOs 

SBM Offshore's Turnkey revenue doubled in the first half of 2025 to US$1.32 billion, up from US$662 million in...

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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