LatinNews Daily - 14 July 2023

In brief: Guyana’s Ali upbeat on oil income forecast

* Guyana’s President Irfaan Ali has said that “increased production of our medium grade crude with low sulphur content has government revenues projected to be US$10bn annually by the end of the decade”. He said that at present, Guyana’s total recoverable oil reserves stand at more than 11bn barrels of oil, with crude oil reserves ranking at number 17 in the world and third in Latin America and the Caribbean. A government statement also cites estimates from industry analysts that by 2035, Guyana’s oil output will reach some 1.7m barrels of oil per day, surpassing US oil production and making the country the fourth-largest oil producer in the world. The government statement highlights that since the discovery of oil offshore Guyana in 2015, international interest has increased in the country, especially for its oil potential and the potential of various developing sectors.

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