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Oil prices skid on oversupply, storage concerns

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Oil prices fell on Monday on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic. According to a Reuters report, U.S. oil futures led losses, falling by more than $2 a barrel on fears that storage...
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BP revises $5.6 billion Alaska deal after oil price crash

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UK-based multinational oil and gas company BP said on Monday it had amended some financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp following the recent slump in oil prices, which may lead...
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‘Water-based’ crude producers can stay afloat…for now – TT Energy Minister

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While trading at Brent futures does not necessarily provide insulation from the oil price volatility gripping the global industry at present, it puts producers in this class in a better position to rally as storage space for crude continues...
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Guyana battling oil crisis, global pandemic and internal conflict

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The International Energy Agency (IEA) says low oil prices impact the livelihood of millions of people employed along the oil industry’s extensive value chain. The IEA said too that low prices damage the economies of weaker producing countries where...
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Loaded tankers unable to discharge fuel forces Pemex to declare force majeure on imports

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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...
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Halliburton follows Chevron in halting Venezuelan operations

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

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

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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...
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US oil futures looking to post third straight gain but faces 30% weekly loss

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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...
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US oil price under pressure as Guyana and T&T keep close watch on Brent futures

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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...
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Exxon says U.S. senators were misled; no Guyana tax credits included in its 2023 & 2024 filings

President of ExxonMobil Guyana, Alistair Routledge, has rejected claims that the company benefited from tax credits in Guyana for...

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