From Rags to Riches: Guyana's Meteoric Rise as a Petrostate

Oil tumbled at the end of the U.S. summer driving season, with fears of an economic slump in China weighing heavily on the outlook for petroleum. As such, the international Brent benchmark plunged by over 12% in a month to lows not seen since early 2022, although in the wake of rising Middle East tensions, it has rebounded to be down 4% over that period. This forced the OPEC+ consortium to delay plans to hike production until December 2024. It is speculated that steadily rising non-OPEC global supply will cap any recovery, with Guyana's impoverished…