Guyana is resisting overtures to join OPEC, the WSJ reported, preferring to pump oil while it can. Cartels are hard to maintain at the best of times. But when future demand is finite, there’s even less incentive to cooperate, writes rob_cyran
View of cityscape near the Demarara River, in Georgetown, Guyana, May 20, 2022. REUTERS/Gram Slattery
Guyana’s economic fortunes are heavily linked to the oil price. Its GDP grew 62% last year thanks to booming production. A consortium led by Exxon Mobil It’s not the only one thinking this way. Non-OPEC oil nations, such as the United States, Brazil and Canada, are. Even OPEC+ members aren’t united in their desire to prioritize price over production. Some of the recent agreement to limit output comes from the likes of Nigeria, which can’t fill its quota. The United Arab Emirates got a blessing to pump more.
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