• Guyana’s oil production has climbed from a standing start in December 2019 to over 900,000 barrels per day (bpd) in just over six years, marking one of the fastest offshore production ramp-ups in history. With additional Stabroek Block projects still to come, output capacity is expected to rise to approximately 1.3Mn bpd by the end of 2027.
• The analysis of daily reported production data from the Ministry of Natural Resources shows output rising in large, project-led steps rather than gradually, moving from startup volumes in 2020 to roughly 100,000 bpd by 2021, then toward the 400,000 bpd range in 2022, and now to just over 900,000 bpd.
• The Stabroek Block, operated by ExxonMobil Guyana with partners Hess and China National Offshore Oil Corporation (CNOOC), has been the engine of the ramp-up, with each new Floating Production, Storage and Offloading vessel (FPSO) adding another large block of capacity. Whiptail is expected to add about 250,000 bpd by the end of 2027 and bring Guyana’s total production capacity to about 1.3 Mn bpd.
• The pace is globally significant, as Guyana has gone from no commercial oil production to output levels comparable with, or higher than, several long-established producing countries, making it one of the key non-Organisation of the Petroleum Exporting Countries (OPEC) growth stories alongside the United States, Canada, and Brazil.
• The rapid ramp-up is strengthening export earnings, government revenue, and Guyana’s strategic importance in global energy supply, but it also increases pressure on public institutions, infrastructure, local content capacity, environmental oversight, and long-term fiscal management.
• Guyana’s rapid production growth is part of a wider shift in global crude flows toward South America, which has posted the largest year-to-date increase in oil exports of any producing region in 2026. While Brazil remains the region’s largest exporter, Guyana has been the fastest-growing contributor, with January–May export loadings increasing from around 17 Mn barrels in 2021 to around 137 Mn barrels in 2026, reinforcing its rising importance as a non-Middle East source of global oil supply.

(Source: OilNOW)

• LATAM Airlines CEO Roberto Alvo warned that the airline industry may need to cut capacity further if elevated fuel prices persist into 2027, noting that capacity adjustments may be the only way to “balance the equation” in the industry.
• According to Alvo, airlines with strong balance sheets and more premium travellers are better placed to absorb the fuel shock, while carriers with weaker finances or greater exposure to price-sensitive customers, such as ultra-low-cost carriers, would face more challenges.
• The pressure is already visible in airline financing conditions, as higher fuel bills are making borrowing costlier and affecting publicly traded bond prices. Notably, LATAM’s fuel hedges are not fully protecting the airline because current prices are above the range covered by those contracts. More broadly, airline hedging strategies have fallen short as jet fuel prices surged, meaning hedging can smooth margins but cannot fully shield carriers from sudden fuel-price spikes.
• Further, aircraft and engine supply-chain problems are expected to remain a challenge for another two or three years, forcing airlines to keep older planes in service for longer and adding further pressure to operating costs.
• According to the International Air Transport Association (IATA), Middle East disruptions and elevated fuel prices have halved the airline industry’s 2026 profitability outlook, as higher fuel costs and regional disruption weigh on demand, operating costs and flight activity. Global airline profits are now expected to fall to US$23Bn in 2026, down from US$45Bn in 2025, while industry margins are projected to narrow from 4.2% to 2.0%.

(Sources: Reuters & the International Air Transport Association)

• U.S. small-business sentiment fell in May, and the share of owners planning to raise prices over the ‌next three months increased to the highest level in nearly four years, suggesting inflation could remain elevated for a while.
• According to the National Federation of Independent Business (NFIB), its Small Business Optimism Index slipped 0.6 to 95.3 last month, falling further below its 52-year average of 98.0. The ​survey's uncertainty index rose three points to 91. It is running well above its historical average of 68.
• The U.S.-Israeli war with Iran, now in its fourth month, has driven up prices of energy and ​other products that are shipped through the Strait of Hormuz, stoking inflation. The government is expected to report on Wednesday that the Consumer Price Index surged 4.2% on a year-over-year basis in May, a Reuters survey of economists predicted, which would be the largest gain since April 2023. The CPI ​rose 3.8% in April.
• The NFIB survey showed the share of small businesses planning to increase prices over the next three ​months jumped seven points to 34%, the highest reading since July 2022. About 36% of owners reported raising prices, the highest since March 2023, ‌and ⁠up six points from April. The actual price increases were "well above the historical average of net 13%," the NFIB said. Inflation ranked as the second most important problem facing small businesses after taxes.
• Though the Labour Department's closely watched employment report last Friday showed the economy posting three straight months of strong job growth and the unemployment rate holding at 4.3% for the ​third consecutive month in May, ​small business owners were less ⁠enthusiastic about the labour market. The survey's employment index eased to 100.3 last month from 100.4 in April, declining for the third month in a row. The share of owners planning to create new jobs in the next three months dropped four points to 9%, the lowest level since May ⁠ The NFIB noted that "plans to hire are now below the historical average of a net 11%."
• While the share of owners reporting job openings they could not fill declined five points to 29%, the lowest level since May 2020, worker shortages remained an issue ⁠in some industries, including wholesale trade and agriculture.

(Source: Reuters)

• Bank of England (BoE) policymaker Alan Taylor said interest ​rates at their current level ‌were restrictive for the economy and he did not see the ​need for an increase ​to tackle inflationary pressures that ⁠have grown as a result ​of the Iran war.
• As he defined it, "restrictive" in central bank terminology means that borrowing costs are sufficiently high to moderate economic activity and dampen demand. The implication: rates don’t need to go higher to fight inflation, even though UK CPI is running at 2.8%, well above the BoE’s 2% target.
• Taylor was one of the strongest ​advocates on ​the ⁠BoE's Monetary Policy Committee (MPC) for rate cuts before ​the U.S. and Israeli ​war ⁠with Iran began. He and a majority of MPC members ⁠have ​voted since then ​to keep borrowing costs on hold.

(Source: Reuters)

• Eppley Limited saw a 20.7% increase in earnings to J$298.4Mn for the three months ended March 31, 2026 (Q1 2026). The improved performance was underpinned by growth across the Company's key business segments.
• Revenue growth remained broad-based during the quarter. Gross investment income rose 16.0% to J$464.56Mn, supported by higher contributions from real estate, asset management, leasing and associate investments. With the continued expansion of Eppley's real estate portfolio net rental income rose 19.0%, while higher management and performance fees generated by the Caribbean Mezzanine Fund II (CMF II) buoyed asset management income, which expanded by 15.6% to J$155.16Mn. Operating lease income nearly doubled to J$44.5Mn, and profit contributions from associates and joint ventures increased 10.1%, further bolstering gross investment income.
• Improved funding efficiency and disciplined balance sheet management also enhanced profitability. Interest expense declined 6.6% to J$156.38Mn, despite the Company's continued growth initiatives, resulting in a 32.2% increase in net investment income to J$308.18Mn.
• Administrative expenses rose 32.3% to J$145.7Mn, reflecting inflationary pressures and costs associated with the Company's new corporate offices. Nevertheless, a J$2.90Mn net impairment gain on financial assets helped offset part of the increase. Consequently, profit before taxation grew 14.2% to J$300.19Mn.
• The combination of expanding revenues, lower financing costs, and a favourable tax outturn demonstrates Eppley's ability to translate topline growth into stronger shareholder earnings. Looking ahead, Eppley appears well positioned to sustain earnings momentum. The Company continues to benefit from multiple growth engines across private credit, real estate, leasing, and asset management, while its expanding third-party assets under management should support a more recurring fee-based earnings stream. Continued capital deployment opportunities and growth within its investment portfolio are expected to remain key drivers of performance over the medium term.
• Year-to-date EPPLEY's stock price has appreciated by 2.9% to closed at J$34.90 on June 8, 2026. At this price, the stock trades at a P/E ratio of 8.6x, below the Main Market Real Estate sector average of 15.5x. This valuation discount may suggest that the market has yet to fully reflect the Company's earnings growth potential and diversified business model, although investors may continue to assign a discount given the relatively illiquid nature of the stock.

(Sources: Eppley Limited 2026 First Quarter Report & NCBCM Research)

• Jamaica's Net International Reserves (NIR) rose marginally US$6.48Bn at the end of May 2026, reflecting a 0.5% month over month increase compared to April 2026. The improvement was driven primarily by a 0.5% rise in foreign assets (US$32.09Mn) alongside a marginal 0.2% decline in foreign liabilities (US$0.02Mn).
• The increase in foreign assets was largely driven by a 1.0% growth in Currency & Deposits (US$32.32Mn) and a 0.5% rise in Securities (US$15.12Mn), which were partly offset by a 7.9% decline in Special Drawing Rights (SDRs) equivalent to US$15.27Mn.
• Jamaica’s reserve position remains robust, equating to 26.6 weeks of goods & services imports down from 30.3 weeks at the end of May 2025. At this level, the NIR is more than 2.2 times the international benchmark of 12 weeks of imports, underscoring the country's strong capacity to absorb external shocks. This strong reserve position also remains a key credit strength underpinning Jamaica's BB Sovereign Credit Rating profile.
• Looking ahead, reserve levels are expected to remain supportive of macroeconomic stability despite external risks such as elevated energy prices and global market volatility. The continued accumulation of reserves reinforces Jamaica's external resilience, helping to cushion the economy against foreign exchange pressures, given weaker tourism and mining inflows. It supports the country's ability to meet external obligations, maintain confidence in the Jamaican dollar and mitigate additional inflation pressures form currency depreciation.

(Sources: Bank of Jamaica and NCBCM Research)

• A new major U.S. energy company is entering Trinidad and Tobago’s energy sector after the Government approved Occidental Petroleum Corporation’s (Oxy’s) acquisition of a 10% participating interest in Block TTUD-1, the ultra-deepwater exploration block operated by ExxonMobil. ExxonMobil will remain the operator and retain a 90% stake.
• Oxy's entry follows ExxonMobil's return to Trinidad and Tobago in August 2025, when the US energy giant secured a Production Sharing Contract (PSC) for the TTUD-1 ultra-deepwater exploration block.
• According to Prime Minister Kamla Persad-Bissessar, the Government accelerated permitting, enabling ExxonMobil to launch one of the largest seismic programmes in Trinidad and Tobago within six months of signing the PSC. Seismic acquisition is now approximately 85% complete, with full acquisition expected by late July.
• Persad-Bissessar noted that ExxonMobil’s entry into Block TTUD-1 has generated significant international interest, while Occidental’s farm-in demonstrates that the country is once again on the radar of the world’s largest and most capable energy companies. The Energy Ministry also said Oxy’s visit alongside ExxonMobil reflects confidence in Trinidad and Tobago’s energy potential and long-term investment prospects.
• The Prime Minister also highlighted broader energy-sector developments, noting that the National Gas Company (NGC) recorded more than $3.2Bn in profits, dividends were restored to thousands of citizens through Trinidad and Tobago NGL Limited (TTNGL), and all downstream gas supply agreements for 2026 have been settled.
• Work continues on Manakin-Cocuina, Manatee, Onyx, and Dragon, as NGC works to secure the country’s future gas supply, and reinforce the country’s position as a regional LNG and petrochemical hub.

(Source: Trinidad Express Newspapers)

• Dominican Republic-based InterEnergy Group has outlined its roadmap to modernise Guyana Power and Light Incorporated’s (GPL) grid through 2030, to create a more reliable, resilient and digitally managed network capable of sustaining Guyana’s rapid economic growth.
• The modernisation effort comes as Guyana continues to experience electricity reliability challenges, including periodic outages, generation shortfalls, and transmission issues that have accompanied rapid growth in power demand from households, businesses and new industrial developments. Local reports have frequently highlighted the need for grid upgrades and additional generation capacity to support the country’s expanding economy.
• The company presented its vision, progress and long-term roadmap to President Irfaan Ali, senior government officials, the private sector and the media. The event also marked the inauguration of InterEnergy’s new office in Georgetown, reinforcing its long-term commitment to Guyana and its energy future.
• Under its agreement with GPL, InterEnergy is supporting the modernisation of the electricity sector through infrastructure supervision, project management, optimisation of the power plant, asset life management and the development of the Smart Grid through 2030.
• To date, the company has supervised the development and construction of key electricity infrastructure projects, including more than 350km of transmission lines, 16 new or expanded substations, and the deployment of 20,000 smart meters, aimed at strengthening the reliability and resilience of the electricity system.
• The partnership also includes the development of a Smart Grid roadmap through 2030, which will support the modernisation of Guyana’s electricity system through advanced technologies, renewable energy integration and battery storage.
• InterEnergy’s role in GPL’s grid modernisation is strategically important, as Guyana’s rapid economic growth is increasing electricity demand faster than the legacy grid can comfortably support. The roadmap through 2030 could help improve reliability, reduce outages, support renewable energy integration, and provide the power infrastructure needed for new industries, investment, and broader economic development.

(Source: Kaieteur News)

• Despite rising inflation risks stemming from a conflict-driven ‌rise in energy prices, the Bank of Canada (BoC) will hold its key overnight rate at 2.25% on June 10 and for the rest of the year, according to ​a majority of economists polled by Reuters,. While a persistent energy shock due to the U.S.-Israeli war with Iran pushed inflation to 2.8% in April from March's 2.4%, it remained within the central bank's 1-3% target range, and a decline in core ​inflation suggests demand remains weak
• That gives the BoC, which cut rates by 275 basis points ​between June 2024 and October 2025, room to stay put as economic ⁠activity lags. Robust job gains in May were welcome news for Canada's economy, which entered a technical recession in the ​last quarter for the first time since the COVID-19 pandemic.
• All 34 economists in June 2-5 Reuters poll ​expected the BoC to leave the overnight rate unchanged next week. Over 80%, 28 of 34, predicted it would stay on hold throughout the year, similar to April poll estimates. Meanwhile, financial markets are pricing in one rate hike by ​the end of 2026.
• Canada's economy continues to struggle with trade-related uncertainties from the U.S., the country's largest trading partner. The U.S.-Mexico-Canada free trade agreement, dubbed USMCA, which has shielded most of the country's exports from ​U.S. tariffs, is up ​for renewal in July. ⁠Dominic LeBlanc, the minister responsible for Canada-U.S. trade, recently said Canada had a positive meeting with the U.S. about the review. Over 40% of poll respondents expected a rate hike in ​early 2027. However, views were split on the timing.

(Source: Reuters)

• The Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit ​fee, Iran's ambassador to Moscow was quoted as saying.
• The U.S.-Israeli war on Iran has largely cut oil flows via the strait, which, before the conflict, saw one-fifth of the world's oil pass through. Several tankers ​have managed to leave the Gulf recently, but oil and liquefied natural ​gas flows are still severely constrained.
• Iran has asserted that a permanent peace deal ​should allow it to demand fees for ships passing through the strait, which ‌would ⁠vary depending upon the type of ship, its cargo and prevailing conditions.
• However, U.S. President Donald Trump vehemently opposes that position. In late May, the U.S. warned Oman not to get involved in any effort with ​Iran to impose ​a toll, and ⁠Treasury Secretary Scott Bessent said Oman's ambassador had told him there were no plans to impose such ​tolls.

(Source: Reuters)