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Oil’s brief rally fades

OilNOW -
(Bloomberg) A brief rally in crude oil deflated Monday as investors ignored a broader market surge that pushed equities to an all-time high and focused instead on looming new supply from OPEC+. Futures in New York were little changed in...
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Saudi Aramco makes 4 new discoveries across Kingdom

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(Arab News) Saudi Arabia state oil company Saudi Aramco has discovered four new oil and gas fields in different locations around the country, the Kingdom’s energy minister said on Sunday, according to a Saudi Press Agency report. The fields were...
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Oil prices climb higher as Trump signs aid bill

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(Reuters) - Oil prices edged higher on Monday after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package, although lingering worries about near-term demand weighed on the market. Brent crude futures added 12 cents, or 0.2%,...
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Oil exports pushes Guyana’s trade balance to US$143 million in first half of 2020

OilNOW -
December 2019 saw the introduction of oil production in Guyana resulting in the goods trade balance moving from a deficit of US$627 million or 12.1% of GDP in the first half of 2019 to a surplus of US$143 million...
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Guyana rakes in over US$180 million from oil exports this year, 4th cargo lifted this month

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Guyana has earned over US$180 million from oil exports this year. The country lifted its fourth and final cargo for 2020 earlier this month from the Liza Destiny FPSO representing its share of oil being produced by ExxonMobil at...
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Big window of opportunity ahead for oil producers as major deficits loom

OilNOW -
Oil producers around the world, particularly in locations like Guyana, will soon have a window of opportunity as new analysis shows that 2021 could see monthly supply deficits reaching their highest level in years. Low breakeven prices and good quality...
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Defying U.S. sanctions, Venezuela resumes direct oil shipments to China

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(Reuters) Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA). Chinese state...
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Brazil’s Petrobras strikes high-quality oil at Búzios field

OilNOW -
Brazil state-oil company Petrobras has made a discovery of high-quality crude at the Búzios field, in the Santos Basin. The company confirmed Tuesday the presence of “oil of excellent quality” with the drilling of the 9-BUZ-48D-RJS well. The well is...
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Scale of investments needed to develop oil fields beyond Guyana’s capabilities – Vice President

OilNOW -
The role of international companies in the development of Guyana’s oil and gas industry is vital if the vast hydrocarbon resources discovered off the country’s coast are to be developed. Vice President, Bharrat Jagdeo, says the objective must be...
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Shell’s massive write-down may hinder stock price recovery

OilNOW -
(S&P Global Platts) Royal Dutch Shell PLC is wrapping up a volatile year with caution as its fourth-quarter financial results may include a write-down that could put the company's total impairment charges for 2020 at close to $22 billion. The...
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Energy InsightsChevy Devonish -

The Oil Pollution Prevention, Preparedness Response and Responsibility Act: Liability 

In my last piece, I gave an overview of Guyana’s new Oil Pollution Prevention, Preparedness Response and Responsibility Act...

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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