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Much of the focus over the past few years has been on the impressive ramp up of oil production in Guyana where production is on track to rise to 800kbd next year from zero in 2019. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
Since the start of oil production in 2019, Guyana has been on a consistent upward trend in terms of crude exports. A big jump in exported volumes has been seen since April 2022 as the South American producer ramped up its production. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
There may be few new frontiers left in the oil market, with most regions having been tested, even if deemed to be uneconomical in the current oil era. However, from next year there will be a new kid on the block - Guyana. Throughout history, Guyana has hardly made it onto the tanker map. Despite sharing a boarder with Venezuela to the north and Brazil to the south, the country has never produced oil on a commercial scale. Even from a demand perspective, the country imports only minimal volumes of refined products and has no domestic refining capacity. The weekly tanker market report by Gibson Shipbrokers.
The reshaping of global crude tanker markets continued in 2023. In 2022, sanctions shifted Russia’s exports from Europe to Asia while OPEC production cuts in 2023 increased the Americas’ share of exports. Brazil’s oil production increased by 12% year-on-year in 2023 while crude tanker exports rose 19%.
