Guyana's crude exports are poised to hit 1.06 million barrels per day in December, signaling a significant supply increase that weighs on global oil markets.
Guyana's rapid production ramp-up, reaching a milestone of 1.06 million barrels per day in December, adds significant new supply to the global market. This increase in output, bolstered by the introduction of the new Uaru crude grade, exerts downward pressure on global oil prices due to the expansion of non-OPEC supply.
It marks the first time the country has surpassed one million barrels per day in crude oil exports.
The first shipment of the new Uaru crude grade is scheduled for December 11–12.
Guyana is set to surpass the one million barrels per day threshold for crude oil exports this December, driven by a surge in production. The country's preliminary loading schedule indicates 33 million barrels will be exported, including the debut of the new Uaru crude grade.
Guyana is expected to surpass one million barrels per day for the first time, cementing its status as a major emerging player in the global oil market.