Guyana has outperformed Venezuela in oil exports for three months, a major shift in regional energy dynamics.
In February, Guyana exported 621,000 barrels daily, surpassing Venezuela’s 604,000, as per Bloomberg data.
This development occurs amidst a near-century-old dispute over the Esequibo region, intensified by significant oil finds off Guyana’s coast.
These discoveries have propelled Guyana’s economic growth, with Exxon Mobil’s investment playing a key role.
Conversely, U.S. sanctions halved Venezuela’s oil output, though recent relaxations have seen a slight recovery.
Guyana’s oil industry, from zero to 637,000 barrels daily within three years, is set to exceed the UAE and Saudi Arabia’s per capita production by 2027, based on ExxonMobil’s exploration since 2015.
Venezuela has reignited its claim on Esequibo, pushing for exploration rights and worsening tensions.
A Venezuelan referendum proposes a new state, including Esequibo, seen as Maduro’s strategy before the 2024 elections. International bodies warn against altering the status quo.
Guyana’s oil sector is booming, expected to reach over 1 million barrels daily by 2027, while Venezuela faces production declines due to sanctions and mismanagement.
ExxonMobil supports Guyana’s development, avoiding the political fray.
The international community’s role in peaceful dispute resolution is vital, affecting regional and global oil markets.