Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.
began pumping in late 2019, Guyana's shipments have soared, bringing the South American nation's oil export income to $1.1 billion last year, according to official figures provided to Reuters.
Guyana, among the smallest and most underdeveloped nations in South America, plans to use its oil wealth to industrialize, adding a gas-fired power plant, new roads and solar energy projects. Guyana is producing about 360,000 barrels per day of oil and aims to raise output to 1.64 million bpd by end of the decade.
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