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Most extreme global oil supply surplus ever recorded is on the horizon – IHS Markit

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Extraordinary conditions can lead to startling outcomes. IHS Markit says that is where the oil market now finds itself—in a truly extraordinary situation in what has been a transformative week for the global industry. There has been a dizzying...
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Developing nations may lose up to 85% of oil and gas income this year

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Developing nations’ oil and gas income will fall by 50% to 85% this year to a more than two-decade low if current market conditions persist, the International Energy Agency and OPEC said in a rare joint statement on Monday,...
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ICJ hearings on Guyana-Venezuela border case postponed

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The International Court of Justice (ICJ), the principal judicial organ of the United Nations, has indicated that the oral proceedings scheduled to begin on March 23, 2020 concerning the Arbitral Award of October 3, 1899 (Guyana v. Venezuela) have...
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Non-OPEC production from countries such as Guyana will continue to be resilient – WoodMac

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Saudi Arabia kicked off an oil price war with Russia at a time when the world is dealing with the coronavirus outbreak decimating supply chains, inducing panic buying and grounding flights, as reported by Al Jazeera on March 15....
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Saudi-Russia oil price war could lead to global economic recession – John Hess

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CEO of Hess Corporation John Hess said the fallout from the current oil price war between Russia and Saudi Arabia could lead to a worldwide economic recession and a reduction of US oil production in 2021. Hess was on March...
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CARICOM team heads to Guyana for full recount of votes

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A team from regional body CARICOM is expected to arrive in Guyana on Sunday to supervise a full recount of votes in coming days. Following the March 2 election, the tabulation of votes by the Guyana Elections Commission (GECOM)...
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ExxonMobil lowers 2020 production target, slows Permian growth

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(S&P Global) ExxonMobil on Thursday lowered its 2020 total oil and gas production estimate about 7% to 3.9 million boe/d, which includes slowing operations slightly in the Permian Basin, based on both lower oil prices. In the West Texas/New Mexico...
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Largest oil and gas trade show in the world postponed

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Organizers of the Offshore Technology Conference announced that the event has been postponed to the third quarter of 2020. The group is working to confirm new dates for the event in August or September. Event organizers said in a statement...
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As new producer Guyana enters market global oil demand set to decline by 600,000 bpd

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The volatile nature of the oil market is now becoming more evident than ever to new producer Guyana where production got underway just last December at ExxonMobil’s giant Liza field. Declining demand and prices mean producers around the world...
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Sanctions-hit Venezuela offers big discounts as oil prices collapse

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(Reuters) - Venezuela’s oil company PDVSA was last week offering discounts of up to $23 per barrel on its flagship crude, traders said, as a collapse in global oil prices puts more pressure on the state-run firm, already reeling...
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Ali names 25-member cabinet; Vickram Bharrat back at oil ministry

President Irfaan Ali of Guyana unveiled 25 ministerial Cabinet appointees on Saturday evening, as the government embarks on its...

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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