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Americas Weekly Oil Summary

OIL

Guyana’s President Irfaan Ali said that Guyana must develop oil and gas resources but will work with Venezuela to prevent escalation.

  • Guyana will not approve oil exploration in contested waters near Venezuela until the ICJ delivers its ruling on the country’s borders, according to Bloomberg.
  • Exxon president of upstream Liam Mallon told Bloomberg TV that Exxon expects Guyana to compete with Permian on oil production.
  • On Feb. 16 a Guyanese crude cargo traded for the first time in Platts MOC since assessments began in 2021.
  • Venezuela’s government and opposition resumed talks with opposition members to discuss a data for presidential elections, according to Bloomberg.
  • Russia and Venezuela agreed to broaden their oil production cooperation, Russia’s Foreign Affairs Minister Sergei Lavrov told Venezuelan state tv during a visit to Caracas.
  • Latin American crude output is on the rise, but heavy crude output is expected to decline, according to Platts. Platts forecasts a drop of 240k b/d between Jan. 2024-Dec. 2025 to around 2.9m b/d.
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