Guyana to end 2021 on a high note

• Although oil prices have dipped because of a new COVID-19 variant, which was detected in South Africa, Brent – the benchmark Guyana uses to sell its crude – remains over US$70 per barrel of oil, allowing Guyana to end the year with over US$600 million in its Natural Resource Fund (NRF). 
• Revenues reaching close to US$70 million could be earned from the sale of the country’s final oil lift for this year, which was completed by the company producing offshore Guyana, ExxonMobil, a few days ago. 
• Minister of Natural Resources, Vickram Bharrat, confirmed on Sunday that the country received its final lift and it will soon be exported. Even amid the fluctuations in market prices caused by the global response to the new COVID-19 variant, Bharrat is hopeful that oil prices will hold so that Guyana could get the best price for its commodity. 
• Guyana has earned close to US$80 million from the sale of its penultimate lift for 2021, taking the total earnings in the NRF to over US$534 million. According to the Bank of Guyana’s monthly report on the NRF, the aggregate sum moved from US$436Mn in September to US$534Mn in October.

 (Source: Guyana Chronicle)