With the new Donald Trump administration ramping up American energy production and exports, Guyana’s President, Dr. Irfaan Ali said oil-producing nations like Guyana must adopt a “responsible and strategic” approach to resource management—despite global energy market fluctuation.
During a recent episode of the Energy Perspective Podcast, Ali stated that the government is keeping a close watch on how these changes could impact Guyana’s economy.
“The world and the global economy are changing rapidly. There are challenges—climate challenges… and of course, a lot of what happens globally depends on the cost of energy and what happens in the energy market,” Ali said.
Under the Biden administration, there was a significant push for green energy investments, which led to reduced financing for fossil fuel projects worldwide. However, with Trump returning to office, the US is ramping up oil production—a move that could reshape global energy pricing and investment patterns.
Ali pointed out, “The new US government, for example, has made it very clear that they are going to ramp up their energy production, and they are also in very strong negotiations with major producers in the Middle East on the increase in production.”
He said the move is aimed at stabilizing or even lowering crude oil prices, which could have significant effects on Guyana’s oil revenue. “We have to be aware of these policy interventions, these trade interventions, and ensure that we plan ahead…that is why we have to be responsible in the way we manage the resources from oil and gas, and why economic diversification is critical,” Ali stated.
He pointed to Guyana’s strategic infrastructure investments—such as the Guyana-to-Brazil road and other regional connectivity projects—as essential for creating economic buffers against volatile oil prices.
Despite these uncertainties, Guyana’s economy is projected to expand by 10.6 percent this year, according to the national budget presented last month. This growth is being driven by ongoing oil production from three projects offshore, the anticipated start of the ONE GUYANA FPSO in late 2025, and sustained expansion in the non-oil economy, which is expected to grow by 13.8 percent.
