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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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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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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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Trump orders US oil major to leave Venezuela by December 1

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(MarketWatch) The Trump administration on Tuesday ordered Chevron Corp. to “wind down” operations in Venezuela by Dec. 1, barring the California-based oil giant in the meantime from drilling or exporting, as the U.S. increases pressure on President Nicolás Maduro...
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Global shut-ins surge as Canada, Venezuela among those leading 2 million bpd drop off

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

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(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%...
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Moody’s downgrades Pemex; no new debt without sovereign guarantees

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Rating agency Moody’s has downgraded Mexico’s debt=laden state oil company Pemex to ‘junk’ which will trigger forced bond sales and increase future financing costs. Pemex was downgraded two notches to Ba2 from Baa3, with a negative outlook. As a result,...
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Brazil’s Petrobras eyes restart at oil ships hit by coronavirus

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(Reuters) - Brazilian state-run oil firm Petrobras plans to restart operations in the coming days at two ships used in offshore oil production that suffered coronavirus outbreaks, an executive told journalists during a call on Friday. Petrobras Exploration and Production...
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Brazil is world’s top dollar saver on lifting costs per barrel of oil equivalent – Rystad Energy

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Global currencies have depreciated against the US dollar, reeling from the impact of the COVID-19 outbreak and the oil price slump. As most operating expenses in oil and gas production are realized in local currencies, a Rystad Energy analysis...
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Guyana among handful of countries where oil production is expected to grow in 2020 – OPEC

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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...
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Oil revenue to fund 37% of Guyana’s US$6.6 billion 2025 budget

US$2.46 billion in revenue earned from Guyana’s fast-growing oil sector will fund 37% of Guyana’s 2025 national budget. The...

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