The United States Government is entirely non-partisan
about which party wins Guyana’s 2020 elections. The
major parties – and the smaller ones too – all offer the
opportunity to continue an excellent bilateral relation
ship based on a shared commitment to supporting
improved governance, prosperity, and security in
Guyana. Let’s get on with that important work.
U.S. Ambassador Sarah-Ann Lynch
Last Monday, CNN reported that the WTI price of crude oil plunged to below $20 per barrel while the Brent crude was trading at $22.19 per barrel, the lowest since 2002. This was mainly due to the impact of the coronavirus pandemic that is adversely affecting demand for the product. The Bank of America estimates that global demand during this quarter will be reduced by 12 million barrels per day, or 12 percent, which is the steepest decline ever recorded. The situation has been exacerbated by Russia and Saudi Arabia refusing to cut production in response to steep falling demand in what is viewed as a price war between the two major OPEC members that has resulted in the flooding of the oil market. CNN also reported that the world may be running out of storage space because of the glut in supply, which will cause crude oil prices to be further depressed.
