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

OilNOW -
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...
News

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

OilNOW -
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...
News

Tankers carrying 20 million barrels of crude are surrounding California with nowhere to unload

OilNOW -
Oil tankers carrying enough crude to satisfy 20 per cent of the world’s daily consumption are gathered off California’s coast with nowhere to go as fuel demand collapses, Bloomberg said in a report on Tuesday. Almost three dozen ships —...
News

Drop in gasoline demand globally driving oil to the brink

OilNOW -
As the global population puts the breaks on ground transportation thanks to lockdowns, road fuels – which make up about half of the world’s oil demand – has become the segment most impacted by the COVID-19 pandemic. Among road...
News

World’s biggest oil storage firm says almost all space sold

OilNOW -
(Bloomberg) The world’s biggest independent oil storage company said that space for traders to store crude and refined fuels has all but run out as a result of the fast-expanding glut that’s been caused by Covid-19. “The available capacity on...
Opinions

OPINION: Bottom has fallen out for WTI oil prices: close watch on Brent futures for Guyana

Bobby Gossai, Jr. -
West Texas Intermediate crude turned negative today, reaching the lowest on record with its seventh consecutive decline and the biggest fall on record. Chevron and Exxon led losses in the blue-chip index as West Texas oil futures expiring Tuesday...
News

Global shut-ins surge as Canada, Venezuela among those leading 2 million bpd drop off

OilNOW -
After three consecutive months of Covid-19 demand destruction and gravity-defying oil prices, operators are finally being forced to shut-in considerable production volumes. Globally, at least 1.9 million barrels per day (bpd) of oil production have been booted offline in...
News

US oil prices drop to 21-year low as demand dries up

OilNOW -
(BBC) The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out. The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3%...
News

Guyana among handful of countries where oil production is expected to grow in 2020 – OPEC

OilNOW -
Guyana is listed among just a handful of countries in the world where oil production is expected to grow this year despite the decline in prices and challenging market conditions being fueled by the COVID-19 pandemic. Non-OPEC liquids production growth...
Exploration

Brazil’s Petrobras shutting down 62 offshore platforms

OilNOW -
(Reuters) - Brazil’s state-owned oil firm Petroleo Brasileiro SA said on Wednesday it had begun suspending operations of 62 shallow water platforms in the Campos, Sergipe, Potiguar and Ceara basins. Petrobras, as the company is known, had previously announced the...
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Latest News

Guyana's Oil LedgerKemol King -

Guyana’s rate of oil output increased by 5% in February

Guyana’s offshore oil production rate climbed by 5% in February 2025 compared to the previous month, reaching an average...

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