With global oil prices now at the highest level in seven years, Guyana’s prospects of earning more money from its next oil lift are greater than ever before.
At end of Tuesday, the cost for Brent – the benchmark Guyana uses to sell its crude – stood at approximately US$86 per barrel. Should this remain the case when the country sells its ninth one-million-barrels of oil in the coming weeks, the sale could rake in as much as US$86 million.
This would mark a notable increase from the US$73.8 million received from the eighth oil lift in November. This brought Guyana’s total oil revenues to approximately US$607.8 million.
According to an article published by Reuters, oil prices have climbed amid what is projected to be a year of “tight supply.”
In the coming years, Guyana is looking to position itself as a key producer with the capacity to cushion some of the supply shortfalls on the global market.
