Guyanese oil production and revenues reach record high

 




Panamerica.org reports that in 2024, Guyana’s oil output was approximately 616,000 barrels per day (bpd)— a 57.7 per cent increase from 2023’s 391,000 bpd.

Oil revenues jumped from $1.62 billion in 2023 to $2.57 billion in 2024—a near 60 per cent increase. Shipping data climbing from 136 cargoes in 2023 to 225 in 2024.  Of this, 66 per cent of crude exports (around 388,000 bpd) were destined for European refiners.

Guyana is now Latin America’s fifth-largest crude exporter after Brazil, Mexico, Venezuela, and Colombia.

The government meanwhile intends to apply earnings to fund a public budget of approximately $6.63 billion with withdrawals from the Natural Resource Fund (NRF) to finance projects in education, healthcare, and transportation.

By mid-2024, the NRF’s cumulative balance stood at over $3.14 billion.


Photo credit: Guyanachronicle.com

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