Brent crude is the leading global benchmark for oil prices. It refers to a classification of water-borne crude originally from the North Sea, now a blend from several North Sea fields, that is light (low density) and sweet (low sulphur).
Its qualities make it highly desirable to refiners, and its broad availability and deep trading market give it strong liquidity.
As a result, Brent sets the price reference for roughly three-quarters of crude oil traded globally.
For Guyana, now a major crude-oil exporter thanks to offshore developments, Brent matters directly. The crude blends extracted from the Stabroek Block share similar “light, sweet, water-borne” characteristics, making them comparable to Brent-type crude. Buyers therefore price those barrels by referencing Brent and then adjust for quality, transport and market conditions.
This link has practical consequences for Guyana’s economy. Because many global contracts use Brent as the baseline, the value Guyana earns for each exported barrel fluctuates with Brent’s price, which in turn reflects global supply and demand dynamics and geopolitical developments.
But what anchors Guyana’s profitability even when global prices drop is its low cost of production. A 2024 report by the International Energy Forum and S&P Global Commodity Insights showed Guyana has a breakeven of about US$36 per barrel (Brent).
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Because of this cost advantage, Guyana’s oil remains profitable even if Brent, and therefore global oil prices, dip. That resilience supports sustained output, continued investment and a basis for revenue and national planning.
Oil production in Guyana is led by ExxonMobil. It currently has four projects running: Liza 1 and 2, Payara and Yellowtail. Two other projects, Uaru and Whiptail, will be online by 2026 and 2027. These projects have industry-leading breakevens of US$25-35 per barrel Brent, according to Exxon’s Stabroek Block partner, Hess.
