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Oil falls on worries about a new surge in coronavirus infections

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(Reuters) - Oil prices fell on Wednesday, reversing the previous session’s surge as worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies. Brent crude, which on Tuesday rose to its highest...
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Suriname awaits new president, new oil policy

OilNOW -
Suriname's president Desi Bouterse has conceded defeat in the emerging oil producer's 25 May parliamentary elections, two days after the country's electoral council declared the official results, Argus Media said in a report on Monday. This clears the way for...
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Venezuela will not disrupt Guyana’s offshore oil operations – IHS Markit

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The oil discoveries made offshore Guyana, 16 of which are located at the prolific ExxonMobil-operated Stabroek Block, are not under any significant risk from Venezuela, despite a border controversy with Guyana that have seen aggressive actions by the Venezuelan...
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End of Venezuela’s oil fortune looms over Maduro’s regime

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(Bloomberg) -- Oil revenue, the financial lifeline of Venezuela, is quickly drying up, adding to the growing instability of Nicolas Maduro’s embattled regime. Crude exports that once accounted for 95% of foreign currency inflow to the country tumbled by almost...
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TechnipFMC bags subsea contract for Norway projects

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Equinor has awarded two contracts and issued a letter of intent to TechnipFMC for pipelaying and subsea installation for three projects on the Norwegian continental shelf (NCS). The projects in scope are Breidablikk and the Gas Import System for the...
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China’s June crude stocks to soar to new high as cheap inflow outpaces throughput

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China's crude oil stockpiles will likely extend the uptrend to hit a new record high in June as refinery feedstock imports outpace the rise in throughput levels, while storage availability encourages refiners to actively procure barrels to take advantage...
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Venezuela maintains ICJ has no jurisdiction in border case with Guyana

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Just days before the International Court of Justice is set to open public hearings on the question of its jurisdiction in the case concerning the Arbitral Award of October 3, 1899 (Guyana v. Venezuela), the Bolivarian Republic  is maintaining...
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Oil prices continue to rise

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(Bloomberg) - Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. U.S. benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase...
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What are oil futures?

OilNOW -
There are two major oil markets worldwide: Brent Crude, which is extracted from the North Sea and serves as the global benchmark, and West Texas Intermediate (WTI), which is primarily extracted from oil fields in Texas, Louisiana and North Dakota and...
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Future participation in oil blocks should be done via State Holding Company – IMF tells Guyana

OilNOW -
While some arguments have been put forward in favour of Guyana establishing a National Oil Company so that it may have a participating interest in its oil blocks, the International Monetary Fund (IMF), one of the key agencies assisting...
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Noble launches pre-qualification for offshore scaffolding services in Guyana

Noble Finance Company, an affiliate of Noble Corporation, has issued a Request for Information (RFI) to pre-qualify companies capable...

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