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Snapshot – world in coronavirus-induced recession

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COVID-19 has now spread to 190 countries with more than 8 million confirmed cases and more than 430,000 deaths, GlobalData said in its latest virus-tracking report. The highest official case counts are in the US, Brazil, Russia, India, UK,...
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Oil from US-sanctioned Venezuela regime lines up off China

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(Bloomberg) -- Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia. Officially, China hasn’t imported any Venezuelan crude since...
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OPEC forecasts improving oil demand in H2 2020, ahead of key committee meeting

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(S&P Global) In its latest monthly oil market report released June 17, OPEC kept its 2020 forecasts largely unchanged from the May outlook, noting a historic contraction in oil demand but improving fundamentals in the months ahead. "Following an unprecedented...
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Oil production ramps up at Stabroek Block as gas reinjection system comes back online

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Two of the three gas handling systems are back online at the Liza Destiny FPSO resulting in a reduction in flaring and a gradual ramp up in oil production. In a comment to OilNOW on Tuesday, ExxonMobil Guyana Public and...
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Major oil executives ‘optimistic’ amid anxiety over coronavirus ‘second wave’

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(CNBC) Sixteen of the world’s leading energy executives met virtually at an unprecedented meeting Tuesday night to talk about how big oil will navigate its biggest crisis in recent history while confronting the coronavirus pandemic. “Each one of us has had...
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Path cleared for Irfaan Ali to assume Presidency in South America’s newest oil producing nation

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After a harrowing 107 days with no results since Guyanese went to the polls, the country’s electoral body decided on Tuesday to begin taking the necessary steps for an official declaration of the General and Regional Elections results which...
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Solid gains from Guyana, Brazil and Norway key as global oil output set to limp back to life – IEA

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The International Energy Agency said in its latest monthly report that global oil output in 2020 will continue to exceed demand but will rebound in 2021 as the oil market rebalances, providing OPEC+ cuts ease and a handful of...
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Venezuela’s fall leaves world’s richest oil reserves tapped by a single rig

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(Bloomberg) --Venezuela’s fall from oil superpower to failing producer can be illustrated in one image: a single drilling rig working the world’s largest oil reserves. As fields across the nation shut amid a relentless U.S. campaign to cut Venezuela off...
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BP asset write-down ‘is significant for sector’ – WoodMac

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BP’s plan to writedown up to $17.5 billion in its second-quarter earnings will have major implications in the near to long-term. So says Luke Parker, vice president, corporate analysis at consultancy group Wood Mackenzie. “In the near-term, the impact of...
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Aviation crisis to keep oil demand below pre-virus levels until 2022: IEA

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(Reuters) - Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency (IEA) said on Tuesday, but a drop in flying due to the coronavirus means the world will not return to...
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Exxon gives back portion of Stabroek Block to Guyana government

ExxonMobil and its partners in Guyana have relinquished 2,534 square kilometers of the Stabroek offshore oil block to the...

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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