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Guyana’s oil boom grabs bigger share of European market

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Western sanctions on Russian oil due to its invasion of Ukraine since last year have opened a window of opportunity for emerging producers including Guyana

Guyana’s crude exports to Europe in the first semester this year rose to some 215,000 barrels per day , or 63 per cent of the country’s total exports of 338,254 bpd, according to Refinitiv Eikon data. Exports to Europe had accounted for about 50 per cent of last year’s shipments.

Some of that increased flow to Europe, however, has also come at the expense of U.S. Gulf Coast’s refiners, which have not imported Guyanese crude so far this year, the data showed.

 

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