Guyana gaining prominence among non-OPEC oil producers – EIA

Guyana has become a “key contributor to global crude oil supply growth” with current production capacity at 645,000 b/d, according to a report by US Energy Information Administration (EIA).

PHOTO: Guyana flag pinned on a map. Getty Images

“Guyana increased crude oil production by an annual average of 98,000 b/d from 2020 to 2023, making it the third-fastest growing non-OPEC producing country during this period,” the EIA said.

Guyana is currently the fourth biggest oil producer in South American Continent, according to EIA's short-term energy outlook. But EIA forecasts its production to overtake Colombia in third quarter next year.

Guyana's total production of liquid fuels, including crude oil, will surpass 800,000 b/d by the second half of next year and average around 770,000 b/d through 2025, according to the EIA.

Several projects are planned to be implemented by 2027 to increase the country's oil production capacity to 1.3 million b/d. “If realized, the increased production would make Guyana the second-largest crude oil producer in Central America and South America behind Brazil,” the EIA said.

The International Energy Agency (IEA) shares the EIA's sentiments. The IEA expects non-OPEC+ output to expand by 1.4 million b/d in 2024 and 2025, with the US, Guyana, Canada and Brazil leading the way.

Guyanese crude exports to EU reached 432,000 b/d in February, Reuters reported citing data from analytics firm Kpler.

By Konica Bhatt

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