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Oil tanker SKS SPEY will lift Guyana’s 3rd million-barrel oil cargo this weekend

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Norwegian flag-carrier SKS SPEY will lift the third million-barrel oil cargo for Guyana this weekend. OilNOW understands the vessel is in a waiting area ahead of lifting the crude from the Liza Destiny FPSO. Guyana lifted its first million-barrel entitlement...
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Oil edges lower on oversupply concerns as OPEC+ set to raise output

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(Reuters) - Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears...
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As Guyana prepares to lift its 3rd oil cargo – new four-month supply glut looms

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Guyana will lift its third million-barrel oil cargo next week just as the upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels. Rystad Energy said...
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CNOOC starts production at Luda development project

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China’s state oil company CNOOC has began production at the Luda 21-2/16-3 regional development, located Liaodong Bay of Bohai Sea, about 39 kilometers north of Luda 10-1 oilfield and 90 kilometers northwest of Suizhong 36-1 onshore terminal. CNOOC said the average...
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Elections impasse puts millions of barrels and billions of dollars on the line for Guyana – Rystad Energy in new report

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Country could lose up to US$1.6 billion from delays in project approvals for Payara-Pacora development Up to 75 million barrels of oil on the line The prolonged delay in concluding the highly contested Guyana elections is becoming...
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Heavy oil at Orinduik Block becoming more attractive as Venezuela’s supply dwindles – Gil Holzman

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Even though the oil discovered in the Jethro and Joe wells at the Orinduik block turned out to be heavier than expected, one of the partners of the offshore license, Eco Atlantic, is convinced that the attractiveness of the...
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OPEC cuts production to 1991 levels in bid to revive oil demand

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(Bloomberg) - OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia faithfully delivered the...
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Brazil’s Petrobras says Buzios oil field achieved a new daily production record in June

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(Reuters) - Brazil’s Petrobras said that its platforms P-74, P-75, P-76 and P-77 located in the deepwater Buzios oil field, the largest in the world, achieved record production levels on June 27, totalling 664,000 bpd and 822,000 boed. The oil...
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Global natural gas output set to fall by 2.6% in 2020

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The Covid-19 pandemic has landed a lasting blow to both oil and gas markets. Global oil production has absorbed the lion’s share of the impact, but natural gas output, which was previously set to grow, is also set to...
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China’s June crude stocks to soar to new high as cheap inflow outpaces throughput

OilNOW -
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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Global upstream investments to decline 2% in 2025, says Rystad Energy

Global upstream investments are forecast to drop by 2% in 2025, marking a slowdown after years of growth, according...

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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