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India and Guyana to Strengthen Oil Ties: Platts

OIL

India is looking to strengthen its oil ties with Guyana, as it looks to diversify its oil supply, according to Platts.

  • India’s government said it would be exploring crude import deals with Guyana over the next five years and beyond.
  • Indian refineries also have the technical capabilities to process Guyana’s three main grades: Liza (API 32 and Sulfur content of 0.6), Unity Gold (33.5, 0.42), and Payara Gold (28, 0.58).
  • Guyana amounts to around 32% of the world’s new oil discoveries and is expected to product 0.9m b/d in 2027, compared to 0.1m b/d in 2021.
  • India – an importer of 85%-90% of its crude oil - has been benefitting from discounted Russian crude barrels since sanctions and price caps were implemented. Russia was India’s largest crude supplier in 2023.
  • However, India would like to diversify its supply, so that it can hedge its growing demand against rising geopolitical tensions.

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