Guyana’s Oil Exports Skyrocket—And Europe’s Refiners Love It

Five years after an Exxon-led consortium produced the first oil offshore Guyana, the country is pumping more than 600,000 barrels per day (bpd) of crude and has become South America’s fifth-largest oil exporter. Guyana and ExxonMobil expect oil production to jump to 1.3 million bpd by 2030, which would double the current output volumes. With higher production came a surge in Guyana’s crude oil exports in recent years. More than half of these are going to Europe, where refiners have been increasingly appreciating Guyana’s crude…