05/12  closing prices/ revised 05/16/2022 11:38 GMT  | 05/12   OPEC Basket $112.37  +3.34| 05/13    Mexico Basket (MME)  $106.36  +4.22| 03/31 ▲  Venezuela Basket $88.12  (Estimated OPEC) | 05/13   Brent July BRN00 $111.55  +4.10| 05/13 WTI  Texas Intermediate Jun CL00  $110.49  +4.36 | 05/13   Natural Gas May NGM22  $7.663  -0.076| 05/13 Gasoline Jun RBM22    $3.9578  +0.1661 |  05/13 Heating Oil  Jun  HOK22   $ 3.9212  -0.0051 |  06/13  Active U.S. Rig Count (Oil & Gas)  714  +9 | 05/16   USD/MXN Mexican Peso  $20.1013  Live data | 05/16  EUR/USD $1.0430  Live data | 05/16  USD/Bs. (Bolivar)  $4.77050000  |  –        05/12  closing prices/ revised 05/16/2022 11:38 GMT  | 05/12   OPEC Basket $112.37  +3.34| 05/13    Mexico Basket (MME)  $106.36  +4.22| 03/31 ▲  Venezuela Basket $88.12  (Estimated OPEC) | 05/13   Brent July BRN00 $111.55  +4.10| 05/13 WTI  Texas Intermediate Jun CL00  $110.49  +4.36 | 05/13   Natural Gas May NGM22  $7.663  -0.076| 05/13 Gasoline Jun RBM22    $3.9578  +0.1661 |  05/13 Heating Oil  Jun  HOK22   $ 3.9212  -0.0051 |  06/13  Active U.S. Rig Count (Oil & Gas)  714  +9 | 05/16   USD/MXN Mexican Peso  $20.1013  Live data | 05/16  EUR/USD $1.0430  Live data | 05/16  USD/Bs. (Bolivar)  $4.77050000  |  –        05/12  closing prices/ revised 05/16/2022 11:38 GMT  | 05/12   OPEC Basket $112.37  +3.34| 05/13    Mexico Basket (MME)  $106.36  +4.22| 03/31 ▲  Venezuela Basket $88.12  (Estimated OPEC) | 05/13   Brent July BRN00 $111.55  +4.10| 05/13 WTI  Texas Intermediate Jun CL00  $110.49  +4.36 | 05/13   Natural Gas May NGM22  $7.663  -0.076| 05/13 Gasoline Jun RBM22    $3.9578  +0.1661 |  05/13 Heating Oil  Jun  HOK22   $ 3.9212  -0.0051 |  06/13  Active U.S. Rig Count (Oil & Gas)  714  +9 | 05/16   USD/MXN Mexican Peso  $20.1013  Live data | 05/16  EUR/USD $1.0430  Live data | 05/16  USD/Bs. (Bolivar)  $4.77050000  |  –       

Guyana News Updates – December 3-5, 2021

Sponsors - 2nd Puerto Rico Grid Revitalization Forum

Let’s build a winning culture -President Ali tells private sector

https://dpi.us13.list-manage.com/track/click?u=fe527ecdb0286a333c5a70324&id=0f7f0fcbed&e=a19b727b4c

From yoga to healthy eating, Pres. Ali tells young people to develop wellness industry

https://newsroom.gy/2021/12/05/from-yoga-to-healthy-eating-pres-ali-tells-young-people-to-develop-wellness-industry/

Guyana discusses Silica City, Corentyne River bridge with Mexican investors | INews Guyana

https://www.inewsguyana.com/guyana-discusses-silica-city-corentyne-river-bridge-with-mexican-investors/

President Ali keynote speaker at Harvard Business School virtual workshop – News Room Guyana

https://newsroom.gy/2021/12/05/president-ali-keynote-speaker-at-harvard-business-school-virtual-workshop/

Guyana Calls For CARICOM To Strengthen Regional Integration | RJR News – Jamaican News Online

http://radiojamaicanewsonline.com/business/guyana-calls-for-caricom-to-strengthen-regional-integration

Guyana’s President Says Regional Trade Barriers Can Be Quickly Withdrawn – St. Lucia Times News

https://stluciatimes.com/guyanas-president-says-regional-trade-barriers-can-be-quickly-withdrawn/

Guyana’s oil to help double Exxon’s global profits in 5 years: Kaieteur News

…as company manages to pay off US$11B debt this year—CEO Woods

Come 2027 when Guyana is expected to be producing some one million barrels of oil per day (bpd), US based ExxonMobil Corp., is projecting that its total earnings on the world market would by then be doubled. The announcements were made on Wednesday last, when the company disclosed some of its corporate plans up to 2027, including a slashing of its overall capital expenditure from a pre-pandemic target of US$35B annually to between US$20B and $25B through to 2027.

Guyana continues to rely on ExxonMobil for data on oil, gas reserves – Kaieteur News

https://www.kaieteurnewsonline.com/2021/12/04/guyana-continues-to-rely-on-exxonmobil-for-data-on-oil-gas-reserves/

ExxonMobil completely on board with cost oil audit – Min Bharrat

https://guyanatimesgy.com/exxonmobil-completely-on-board-with-cost-oil-audit-min-bharrat/

Controversial Ghanaian Professor helping Guyana draft new Oil Fund Laws: Kaieteur News

Professor Joe Amoako-Tuffour, the Secretary and a Member of the Economic Management Team attached to the Office of the Vice President of the Republic of Ghana, who in 2018 was accused of being involved in a corrupt bribery transaction, is in Guyana assisting the Attorney General’s Chambers, with drafting new laws governing the use of Guyana’s oil revenues. The meeting was had between Professor Amoako-Tuffour and Attorney General and Minister of Legal Affairs, Anil Nandlall, on Wednesday last.

Ghana provides more support to Guyana on its wealth fund, local content legislation | OilNow

https://oilnow.gy/featured/ghana-provides-more-support-to-guyana-on-its-wealth-fund-local-content-legislation/

New COVID-19 variant throws oil industry into tailspin: Kaieteur News

—Could wipe out almost 3m barrels of oil demand per day–Rystad Energy

If Omicron, the new variant of COVID-19, triggers more lock downs or restrictions worldwide, Rystad Energy predicts that it could cost the global oil market as much as 2.9 million barrels per day (bpd) of demand in the first quarter of 2022. This would bring total expected demand down from 98.6 million bpd to 95.7 million bpd. According to the consultancy group in its latest analysis, if the variant spreads rapidly, causing a rise in COVID cases and the reintroduction of lockdowns, oil demand could fall from an expected 99.1 million bpd to 97.8 million bpd in December 2021 alone – a drop of 1.3 million bpd.

Guyana’s limited workforce cannot focus entirely on oil and gas, diversifying economy is key: OilNOW

Creating local jobs, building capacity and focusing on in-country value from monies spent are key elements of local content and cannot be seen in isolation of the broader economy. So says Director of the Centre for Local Business Development, Dr. Natasha Gaskin-Peters, who pointed out during a recent interview with OilNOW that careful consideration must be given to ensure that resources are not being pushed into one sector only for development of capacity since this would ultimately be to the detriment of other areas of the economy.

Four nations offer Guyana a clear path to beating dreaded resource curse – Dr. Blackman: OilNOW

The sheer volume of Guyana’s multi-billion-barrel Stabroek Block discoveries has presented it with a golden opportunity for fundamental societal transformation. But to make this happen, the South American oil producer has to overcome the dreaded “resource curse” says Dr. Terrence Richard Blackman, an Associate Professor of Mathematics and a founding member of the Undergraduate Programme in Mathematics at Medgar Evers College.

Vice President of Ghana arrives this weekend: News Room  

Dr Mahamudu Bawumia, the Vice President of Ghana, arrives in Guyana this weekend for a three-day visit as the two countries deepen relations on the political and economic fronts. “Our engagement is sharing experiences, (Ghana) supporting us in developing the management structure for the spending of oil resources,” Vice President Dr Bharrat Jagdeo told the News Room ahead of the visit. Dr Jagdeo said too that the visit of the Ghanian Vice President will allow for the exploration of opportunities between the private sectors of Ghana and Guyana.

US$900M gas-to-energy project attracting investors from across the world – Bharrat | OilNow

https://oilnow.gy/featured/us900m-gas-to-energy-project-attracting-investors-from-across-the-world-bharrat/

Jamaica oil will be ultra cheap to extract, explorer estimates | Business | Jamaica Gleaner

https://jamaica-gleaner.com/article/business/20211203/jamaica-oil-will-be-ultra-cheap-extract-explorer-estimates

New oil more competitive, significantly cheaper to produce – Rystad Energy | OilNow

https://oilnow.gy/featured/new-oil-more-competitive-significantly-cheaper-to-produce-rystad-energy/

JP Morgan says $125 a barrel oil price is coming: OilNOW

(Reuters) – Oil prices are expected to overshoot $125 a barrel next year and $150 in 2023 due to capacity-led shortfalls in OPEC+ production, JP Morgan Global Equity Research said. “As the group’s (OPEC+) real volume potential is discovered, this should drive a higher risk premium to oil prices,” the bank said in a note dated Nov. 29. Oil rose on Thursday, with benchmark Brent crude futures around $69 a barrel, as investors adjusted positions ahead of an OPEC+ decision on supply policy, although concern the Omicron coronavirus variant could hit fuel demand capped price gains.

Dr. David E. Lewis
Vice President
Manchester Trade Ltd. Inc.
International Business Advisors
2200 Pennsylvania Avenue NW – 4th Floor
Washington, DC 20037
Tel 202-507-5669
Email: DavidLewis@ManchesterTrade.com
Web: http://www.ManchesterTrade.com
Skype: ManchesterTrade.Lewis

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