Guyana has significantly increased its crude oil exports, shipping 225 cargoes in 2024, positioning the country as the fifth-largest crude exporter in Latin America. This marks a substantial rise from the previous year, with exports increasing by 54% to 582,000 barrels per day, up from 377,000 barrels per day in 2023. The surge is largely attributed to production led by Exxon Mobil, meeting the demand of European refiners for sweet crude oil.

The government has also announced plans to further boost production capacity with new Floating Production Storage and Offloading (FPSO) facilities and is progressing with a gas-to-energy project, supported by a $526 million loan from the U.S. Exports and Imports Bank.