The EIA reports that Guyana, situated on South America’s northern coast neighbouring Venezuela, Suriname, and Brazil, has emerged as a significant contributor to growth in the global supply of crude oil. Since starting production in 2019, Guyana has increased its crude oil production to 645,000 bpd as of early 2024, all from the Stabroek block.
Guyana increased crude oil production by an annual average of 98,000 bpd from 2020 to 2023, making it the third-fastest growing non-OPEC producing country during this period. Crude oil production has been the largest contributor to Guyana’s economic growth in recent years. In 2022, Guyana’s GDP grew by 62.3%, the highest real GDP growth in the world that year, according to the International Monetary Fund (IMF).