Production

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Heavy oil at Orinduik Block becoming more attractive as Venezuela’s supply dwindles – Gil Holzman

OilNOW -
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...
News

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...
News

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...
News

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...
News

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...
News

Oil prices continue to rise

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(Bloomberg) - Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. U.S. benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase...
News

What are oil futures?

OilNOW -
There are two major oil markets worldwide: Brent Crude, which is extracted from the North Sea and serves as the global benchmark, and West Texas Intermediate (WTI), which is primarily extracted from oil fields in Texas, Louisiana and North Dakota and...
News

Extra oil cuts from deliquent OPEC+ members could shrink the market by 1 million b/d

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(S&P Global) OPEC+ crude oil production could fall by about 1 million b/d in July and August from May levels, based on plans submitted by Iraq and Kazakhstan to institute deeper output cuts to make up for violating their...
Exploration

World oil resources take 282 billion barrels hit

OilNOW -
The 2020 release of Rystad Energy’s annual global energy outlook reveals that the COVID-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil...
News

Hess hedged more than 80% of its oil for 2020, says Guyana remains key investment as production climbs to 75,000 bpd

OilNOW -
Since the onset of the COVID-9 pandemic, Hess Corporation’s response has been hinged on three key principles—preserve cash, preserve capability, and preserve the long-term value of its assets. In terms of preserving cash, the company’s Chief Executive Officer (CEO),...
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Latest News

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Guyana’s Yellowtail crude to enter market in competition with U.S. WTI and Argentina’s Medanito

Guyana’s Yellowtail crude, from the country’s fourth offshore development, is set to hit international markets in the third quarter...

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