Guyana-India
Guyanese crude on its way to India
A one-million barrel cargo of Guyana’s Liza light crude is currently on its way to India, according to Stabroek News.
The first cargo from new oil producer Guyana to the world's third-largest crude importer, India departed last month from a production facility off the South American nation's coast in a vessel chartered by trading firm Trafigura, according to media reports.
The cargo is aboard a vessel chartered by the US commodity trading company, Trafigura Trading LLC, according to a news report published by the Caribbean Business Report. It is set to arrive around April 8 at Mundra port in Gujarat.
The report said that India, one of the world’s largest oil consumers, has been seeking to reduce its dependence on crude from the Middle East following the Organization of the Petroleum Exporting Countries (OPEC’s) decision earlier this month to extend production cuts through to April.
ExxonMobil’s significant oil finds since 2015 has positioned Guyana to anticipate significant returns from oil-related revenue inflows notwithstanding the reduced global demand for oil arising out of the COVID-19 pandemic and its impact on the sector.
ExxonMobil’s offshore oil finds have reportedly made Guyana’s 6.6 million acres Stabroek Block the single largest crude discovery in the past decade.
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