Guyana’s crude oil exports soared by 54% in 2024, with Europe playing a major role in the surge, according to shipping data and traders, reported by Reuters.
Last year, the South American nation exported an average of 582,000 barrels per day (bpd) of crude. This growth came as ExxonMobil, along with partners Hess Corp and CNOOC, ramped up production from the Stabroek Block, which holds over 11 billion barrels of oil equivalent.
European refiners have shown growing interest in Guyana’s crude, including the lighter, sweeter varieties like Liza, Unity Gold, and Payara Gold. These grades are preferred over those from other South American producers such as Mexico and Colombia, which have heavier crudes.
Since Guyana’s first crude oil shipment in 2019, the country has quickly become the fifth-largest oil exporter in Latin America, following Brazil, Mexico, Venezuela, and Colombia. In 2024, Europe received the bulk of Guyana’s oil exports, accounting for 66% of total shipments. This is up from 62% in 2023.
Industry experts note that Guyana’s oil is in high demand in Europe because of its proximity, quality, and ease of access. One anonymous trader told Reuters that the favorable qualities of Guyana’s crude make it a preferred choice.
Looking ahead, Guyana’s crude exports are expected to continue growing as production increases. By the end of the decade, the country’s output is projected to exceed 1 million bpd.
ExxonMobil has already produced 500 million barrels of oil from the Stabroek Block, just five years after production began, the company announced in November 2024. Current production from the block exceeds 660,000 bpd, with plans to increase capacity to 1.3 million bpd by the end of 2027. This includes the $12.7 billion Whiptail development, which was greenlit last year.
Related Topics:
- Today’s Oil Price Index Chart ((January 6)
- Today’s WTI Crude Oil Price Chart (January 6)
- Today’s Brent Crude Oil Price Chart (January 6)