Panama and Italy were the leading direct destinations for Guyana’s crude oil exports in December 2025, according to shipping data reviewed by OilNOW, as stable offshore production coincided with declining crude prices.
An assessment of tanker movements shows that 27 crude cargoes, each approximately one million barrels, departed Guyana during the month, broadly in line with November levels, indicating that production remained steady.
Of the December cargoes, four were delivered to Panama and four to Italy, making them the top destinations. The Netherlands received three cargoes, while the United States, the United Kingdom, Spain and China each took two cargoes. Single cargoes were shipped to Turkey, Canada, Greece, Poland, Germany, Malaysia, Brazil and the Bahamas, according to the data.
Tanker information was obtained from the Maritime Administration and cross-checked against vessel-tracking platforms VesselFinder, MarineTraffic and Maritime Optima.
While export volumes held firm, pricing weakened throughout the month. Data published by Guyana’s Petroleum Management Programme show that Liza, Unity Gold and Payara Gold crude grades traded in the US$60–$61 per barrel range at the start of December, fell to US$55–$57 per barrel by mid-month, and ended the month at around US$58 per barrel. None of the projects exceeded US$62 per barrel during the period.
The price decline came amid a global crude oversupply that has weighed on benchmarks, pushing Guyana’s light to medium sweet crude grades below US$60 per barrel. This state of affairs continued into January.
Offshore Guyana currently has installed production capacity of more than 900,000 barrels per day (b/d), according to government data. Output in November averaged 894,000 b/d, while production over the first eleven months of 2025 averaged 699,000 barrels per day. Full-year output is expected to come in between 700,000 and 725,000 b/d, reflecting the ramp-up profiles of the fields.
All four producing projects are located in the Stabroek Block, operated by ExxonMobil with co-venturers Hess, which has been acquired by Chevron, and CNOOC.
ExxonMobil is expected to start Guyana’s fifth offshore oil project this year, which is projected to add about 250,000 b/d of initial production capacity by the end of 2026, further lifting output even as near-term revenues remain sensitive to global prices.
