A million barrels of light Guya raw on the way to India

Guya’s lightweight million barrels of light crude is currently on its way to India aboard a ship chartered by US commodities trading company Trafigura Trading LLC, according to a news report published by Caribbean Business Report one week back today.

The report says that India, one of the world’s largest consumers of oil, has been trying to reduce its reliance on crude from the Middle East following OPEC’s decision earlier this month to extend production cuts to April.

ExxonMobil’s significant oil discoveries since 2015 have positioned Guyana to forecast significant gains from oil-related revenue inflows despite lower oil demand resulting from the COVID-19 pandemic and its impact on the sector.

ExxonMobil’s offshore oil discoveries have reportedly made Guyana’s 6.6 million-acre Stabroek Block the largest crude discovery of the last decade.

India has reportedly asked refiners to accelerate import diversification to better position it to cut their reliance on Middle East crudes after OPEC + decided in March to extend production cuts through April 2021.

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