The March 2021 first shipment of crude oil from Guyana to a refining destination in India has triggered energetic speculation in the sector that, going forward, the global oil refining giant is positioning itself to become one of the country’s major long-term markets.
India’s securing of a 1 million-barrel cargo of Guyana’s Liza light sweet crude which arrived there on April 2 reportedly came against the backdrop of urging by the authorities there that its refiners accelerate the diversification of imports in order to reduce the country’s dependence on crudes from the Middle East in the wake of production cuts by the Organization of Petroleum Exporting Countries (OPEC) that were expected to last through April this year.