Reported about 21 hours ago
Guyana's oil exports experienced a significant 54% rise last year, reaching approximately 582,000 barrels per day, driven by European refineries seeking sweet crude alternatives to Middle Eastern supplies in light of geopolitical tensions. This growth sees Europe becoming a primary market for Guyana, as its lighter, sweeter crude is well-suited for less complex refineries. In 2024, 66% of Guyana's crude exports went to Europe, up from 62% the previous year, while shipments to the US and Asia also increased. The rapid rise in exports is attributed to Exxon Mobil's expanding production capabilities in Guyana.
Source: YAHOO