Guyana Could Earn Around US$86Million From Ninth Oil Lift

• With global oil prices now at the highest level in seven years, Guyana’s prospects of earning more money from its next oil lift is greater than ever before. 
• At end of Tuesday, the cost for Brent – the benchmark Guyana uses to sell its crude – stood at approximately US$86 per barrel. Should this remain the case when the country sells its ninth one-million-barrels of oil in the coming weeks, the sale could rake in as much as US$86 million, up from the US$73.8 million received from the eighth oil lift in November 2021. 
• Given that the oil and gas sector accounts for more than 17% of total GDP, it will be one of the factors driving the projected 48.7% economic growth for 2022. In the coming years, Guyana is looking to position itself as a key producer with the capacity to cushion some of the supply shortfalls on the global market. The nation remains poised to become a major supplier within the global oil market, at least for the next 100 years.

(Sources: Guyana Chronicles & NCBCM Research)