Guyana Has Become a Major Driver of Global Oil Supply Growth

Guyana has turned into a significant contributor to global crude oil supply growth in just a few short years. This is according to data published by the U.S. Energy Information Administration this week that showed Guyana had the third-fastest production growth rate globally, after the United States and Brazil. Between 2019, when oil production began in the tiny South American country, and 2023, output grew at an average annual rate of 98,000 barrels daily, taking the total from zero to 645,000 barrels daily last year. All of Guyana’s…