Guyana's oil export to Europe significantly increases

Guyana's oil production has surged to over 600,000 barrels per day, making it South America's fifth-largest oil exporter. The country aims to increase output to 1.3 million barrels per day by 2030, doubling current levels. Exports have significantly increased, with 66% of Guyana's oil shipped to Europe in 2024, up from 62% in 2023. In January 2025, this figure rose to 75%, as European refiners favor Guyana's lighter, sweeter crude. Guyana's economy grew by 43.6% last year, continuing five years of double-digit growth since it began oil production. ExxonMobil plans further developments, including natural gas projects, to enhance production capabilities.