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LATAM Weekly Oil Summary: Veneuzela-Guyana Tensions Resume

OIL

The Wall St Journal is reporting that Venezuela has moved military hardware including "light tanks, missile-equipped patrol boats and armoured carriers" to its border with Guyana as a row over a disputed, oil-rich province escalates.

  • Venezuela had previously vowed to respond forcefully if drilling to start in the contested waters off Guyana.
  • ExxonMobil has insisted that it will explore the oil rich Essequibo region, contested between Guyana and Venezuela, despite risks that the move could escalate regional tensions, according to The Guardian.
  • An Exxon led consortium, responsible for all of Guyana’s crude extraction, is producing around 645,000 bpd at present, up from 400,000 bpd in late-2023 according to the US producer Tuesday.
  • The Panama Canal does not see a need for further vessel transit restrictions until at least April, when its authority will evaluate water levels at the end of the dry season, according to Reuters.
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