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Oil prices continue to rise

OilNOW -
(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

OilNOW -
(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...
News

OPEC forecasts improving oil demand in H2 2020, ahead of key committee meeting

OilNOW -
(S&P Global) In its latest monthly oil market report released June 17, OPEC kept its 2020 forecasts largely unchanged from the May outlook, noting a historic contraction in oil demand but improving fundamentals in the months ahead. "Following an unprecedented...
News

Brazil’s Petrobras says it will not hire oil tankers that visited Venezuela

OilNOW -
(Reuters) - Brazil’s Petroleo Brasileiro SA has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signaling adherence to U.S. sanctions on the Latin...
Production

Guyana oil revenue climbs to almost US$95 million as proceeds from second oil export deposited

OilNOW -
More than US$35 million has been deposited into Guyana’s Natural Resource Fund (NRF) account representing payment for its second one-million-barrel oil cargo lifted in May. This brings the total revenue collected so far from profit oil and royalty to...
News

Oil tankers turn away from Venezuela as more sanctions loom

OilNOW -
(Reuters) - Oil tankers that were sailing toward Venezuela have turned around and others have left the country’s waters as the United States considers blacklisting dozens of ships for transporting Venezuelan oil, according to shipping data and industry sources. The...
News

Days of cheap gas are over in country with largest oil reserves in the world

OilNOW -
Venezuela President Nicolas Maduro has said fuel prices will increase in the cash-strapped South American country from June, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free. Although the...
Opinions

Features for Guyana’s crude oil sale delivery point

Bobby Gossai, Jr. -
The Government of Guyana Agreement may identify the Delivery Point or Points, putting the actual location of the Delivery Point beyond discussion. However, the investing parties should also agree to the procedures for measurement and calibration of measurement equipment...
News

Schlumberger in search of contractors to build office building, workshop in Guyana

OilNOW -
Schlumberger Guyana is moving to construct an office building and workshop to support the ExxonMobil operations at the Liza Development. The company is looking for highly qualified contractors to build these facilities which will be located at Houston Port,...
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Cutting-edge technologies giving exploration a sustainable future – Insights from SLB 

Andrea Lovatini, Director of Exploration Data and Geosolutions at SLB and Chairman of the EnerGeo Alliance Board, argues that...

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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