Long before Guyana becomes numbered among the ranks of the world’s major oil suppliers, informed opinion on the industry would already appear to be anticipating that its oil exports could impact significantly on global supplies and by extension, prices.
A Friday, January 17, report emanating from the authoritative Oil Industry News suggests that the powerful oil cartel, the Organization of Petroleum Exporting Countries (OPEC) may be concerned that ‘surging’ oil supplies from sources that include Guyana may pose a threat to the group’s current determined efforts to defend global oil prices.
In suggesting a weaker outlook for global oil markets this year, OPEC’s recent forecast reportedly identifies oil supplies from Guyana and Norway, which, by virtue of their significant volumes, could be seen as threats to the cartel’s efforts to keep prices stable.