GUYANA's oil exports rose 54 per cent last year to some 582,000 barrels per day (bpd), fueled by European refiners' demand for easy-to-process sweet crudes to replace some Middle Eastern grades, according to traders and shipping data from financial firm LSEG.
Since it started exporting oil in early 2020, the burgeoning oil nation has emerged as the fifth largest Latin American crude exporter after Brazil, Mexico, Venezuela and Colombia, reported Reuters.
But unlike Latin America's usual offer of heavy sour oil, Guyana's lighter and sweeter crude grades have carved out a rising share in Europe, where most refineries are not as complex as the majority of Latin American and US Gulf Coast plants that turn heavy grades into motor fuels.
SeaNews Turkey
Since it started exporting oil in early 2020, the burgeoning oil nation has emerged as the fifth largest Latin American crude exporter after Brazil, Mexico, Venezuela and Colombia, reported Reuters.
But unlike Latin America's usual offer of heavy sour oil, Guyana's lighter and sweeter crude grades have carved out a rising share in Europe, where most refineries are not as complex as the majority of Latin American and US Gulf Coast plants that turn heavy grades into motor fuels.
SeaNews Turkey