In just the first five months of 2025, nearly half of Guyana’s offshore crude exports were shipped directly to only two countries: the Netherlands and Panama. Of the 93 cargoes recorded during the period, each typically carrying about one million barrels of oil, 20 were destined for the Netherlands and another 20 for Panama, accounting for 43% of total shipments.
The data was compiled through an aggregation of information sourced from Guyana’s Maritime Administration Department (MARAD), vessel tracking platforms including MarineTraffic, VesselFinder, and Maritime Optima, as well as proprietary insights provided by OilX.
The recurring destinations indicate a clear regularity in Guyana’s export patterns and the emerging importance of specific logistical and commercial hubs in the global routing of its oil.
While these shipments are recorded as direct exports to countries like Panama and the Netherlands, these destinations do not always represent the final processing or consumption point for the crude. Panama serves largely as a transshipment hub, and in Europe, crude arriving in the Netherlands, particularly through the Port of Rotterdam, may be redirected to refineries in other countries across the continent.
What the data shows
While the Netherlands and Panama dominated the charts, the remaining cargoes were distributed across a broad range of destinations, with a clear preference for European ports. Based on the aggregated data, European countries received the majority of shipments, accounting for over 60% of all recorded exports.
Latin America and the Caribbean (LAC), excluding Panama, followed as the second most significant region, with cargoes delivered to destinations such as the United States, Brazil, Bahamas, and Aruba. A smaller portion of the shipments headed to Asian markets, including China and Singapore.
Here’s a regional breakdown:
Production surging, new crude on the horizon
Government production data indicates that average daily oil output in May hit 667,000 barrels, the highest monthly production level recorded to date. With the Yellowtail project expected to come online in the third quarter of 2025, Guyana’s production capacity is projected to surpass 900,000 barrels per day.
Yellowtail’s oil will be marketed as Golden Arrowhead crude, joining three other grades already in production: Liza crude, Unity Gold, and Payara Gold. All four are being produced at deepwater projects operated by ExxonMobil, in partnership with Hess and CNOOC.
These companies, along with the government of Guyana, share production under the terms of a production sharing agreement (PSA). Of the 246 cargoes expected to be exported in 2025, each of the four parties will receive allocations aligned with their entitlements under the PSA.
