Guyana supplies less than 1% of the world’s oil. However, its rapid growth, competitive production costs, export-focused industry, and position outside the Organization of the Petroleum Exporting Countries and associated allies (OPEC+) could give the country greater strategic importance than that share suggests.
The South American country’s production capacity exceeds 900,000 barrels per day (b/d), according to recent government statements. Production began in December 2019.
Guyana is expected to pass one million b/d after the Uaru development starts production later this year. The Errea Wittu floating production, storage, and offloading vessel arrived offshore Guyana in August 2026 to support that project.
The expansion matters because Guyana is becoming an important source of new supply outside OPEC+.
The International Energy Agency said the United States, Canada, Brazil, Guyana, and Argentina dominated non-OPEC+ supply growth in 2025. It projected that producers outside OPEC+ would account for 1.3 million b/d of global supply growth in 2026.
Guyana’s strategic value rests partly on the timing of its expansion. Its offshore projects are adding export barrels as importing countries seek a wider range of suppliers.
The country was the third-fastest-growing non-OPEC oil producer between 2020 and 2023, according to the U.S. Energy Information Administration. Its production increased by an annual average of 98,000 b/d during that period.
The commercial strength of Guyana’s projects could also help its oil remain competitive during weaker price cycles.
Guyana’s Atlantic location also provides access to refineries in Europe, the United States, and the Caribbean. Its export slate includes Liza, Unity Gold, Payara Gold, and Golden Arrowhead.
ExxonMobil’s official assay gives Golden Arrowhead an American Petroleum Institute gravity of 36.5 degrees and sulfur content of 0.25%. These specifications classify it as a light, sweet crude.
ExxonMobil projects that eight Stabroek Block developments could provide 1.7 million b/d of capacity by 2030. That forecast remains conditional because the proposed eighth development, Longtail, is undergoing regulatory review.
ExxonMobil operates the Stabroek Block with a 45% interest. Chevron holds 30%, while CNOOC holds the remaining 25%. Guyana’s production comes from scheduled, capital-intensive offshore developments rather than spare capacity that can be activated quickly.
