A one-million barrel cargo of Guyana’s Liza light crude is currently on its way to India aboard a vessel chartered by the US commodity trading company, Trafigura Trading LLC, according to a news report published by the Caribbean Business Report a week ago today.
The report says that India, one of the world’s largest oil consumers has been seeking to reduce its dependence on crude from the Middle East following OPEC’s decision earlier this month to extend production cuts through to April.
ExxonMobil’s significant oil finds since 2015 has positioned Guyana to anticipate significant returns from oil-related revenue inflows notwithstanding the reduced demand for oil arising out of the COVID-19 pandemic and its impact on the sector.
ExxonMobil’s offshore oil finds have reportedly made Guyana’s 6.6 million acre Stabroek Block the single largest crude discovery in the past decade.
India has reportedly asked refiners to speed up the diversification of imports in order to better position it to cut their dependence on Middle Eastern crudes after OPEC+ decided in March to extend production cuts through April 2021.