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US$20 oil could be coming – Goldman Sachs warns

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OPEC and Russia have started an oil price war that could push crude into the $20s, according to Goldman Sachs Group Inc., as reported by Bloomberg on Sunday. Brent crude may dip as low as $20 a barrel, testing the levels at which some producers...
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Oil crashes to lowest since Guyana began production

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When oil production began at the 120,000 bpd Liza Phase 1 Development offshore Guyana on December 20, Brent was trading at US$66.14 per barrel. Now, less than three months later, the price has collapsed to US$36.98. In one of the...
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European stocks plunge into bear market as oil crashes

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(Reuters) - European shares slumped across the board on Monday, taking the benchmark STOXX 600 into bear market territory as a lock-down of northern Italy due to the coronavirus outbreak and a 30% plunge in oil prices amplified fears...
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Oil drops 31% in worst loss since Gulf war as price fight erupts

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(Bloomberg) Oil markets tumbled the most since the Gulf War in 1991 after the disintegration of the OPEC+ alliance triggered an all-out price-war among the world’s biggest producers. In one of the most dramatic bouts of selling ever, Brent futures...
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Oil industry scraps events, eyes teleconferences as coronavirus spreads

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(Reuters) - The oil and gas industry is canceling key networking events and academic and technical meetings, shifting some to virtual conferences, due to concerns about the coronavirus and its fast-growing toll of more than 100,000 cases worldwide. A major...
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Transparency, conflicts and management of Guyana’s natural resource revenues

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On 2nd March 2020, Guyana held its first general and regional elections since becoming an oil producing country. With vast oil revenues about to flow into Guyana, it will become the lifeblood of the modern economy. The discourse about...
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US, UK and Canada call on Guyana President to avoid transition of government amid alleged electoral fraud

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The United States, Canada and the United Kingdom today called on the Granger-led administration of new oil producer Guyana to “avoid a transition of government” following grave concerns with the conduct of the verification process following Monday’s election. Political parties...
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Coalition takes lead in Guyana elections amid controversy over credibility of results

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A controversial declaration of the District 4 results in Guyana’s elections show that the incumbent APNU+AFC coalition is on course to win by approximately 8,000 votes, amounting to about 1 seat. District 4, the most populous Region in Guyana,...
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Exxon will spend up to US$35B annually through 2025 as Guyana production ramp-up remains on track

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US oil major ExxonMobil said Thursday it continues to make progress on its long-term growth plans by investing through the commodity price cycle to capture high-value opportunities and grow earnings and cash flow potential. “We are effectively executing our growth strategy...
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Guyana opposition leads as verification of votes from most populous district continues

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The final results in what is being described as the ‘mother of all elections’ is now dependent on the verification of votes from the most populous district in South America’s newest oil producing country – Guyana. As of Wednesday evening,...
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U.S. Senator presents bill to strengthen security cooperation with Guyana amid Venezuela threats

United States Senator Michael Bennet (Democrat, Colorado) has proposed new legislation aimed at enhancing security cooperation with Guyana, deterring...

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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