Disruptions in the Strait of Hormuz are placing renewed focus on Guyana’s oil as a more stable supply source, as global markets respond to reduced tanker traffic and ongoing security risks in the Middle East, according to an April 27 analysis by Wood Mackenzie.
The report noted that while a ceasefire in the Gulf has largely held, shipping remains well below normal levels, with ongoing threats still disrupting vessel movements through a key global energy route.
Freight cost warnings mount for Guyana as Strait of Hormuz risks persist | OilNOW
The supply strain has already fed into global markets, with Brent crude prices rising sharply and tightening availability of crude and refined products.
Wood Mackenzie said Guyana’s growing offshore production is being viewed within a broader move toward supply diversity and regional resilience.
“None of these pieces of news are world-changing in their own right. Taken together, they point to the ways that energy security concerns may change the world of oil and gas in the aftermath of the Iran war… [But] Guyana, the outstanding success story for offshore oil development in the Americas over the past decade, is accelerating efforts to ramp up production,” the report said.
Industry will need 20M b/d, Guyana a timely supply boost — Wood Mackenzie Chairman | OilNOW
The report said increased production from the Americas cannot quickly replace Gulf disruptions. However, it noted that regional supply helps cushion the economic impact of global shocks, even though prices remain internationally driven.
Guyana is one of the world’s fastest-growing oil producers. Monthly output was 914,000 barrels per day (b/d) in March 2026. When the fifth project, Uaru, comes on stream later this year, production is expected to surpass one million b/d.
Rystad Energy said in April that several South American oil developments, including those offshore Guyana, are gaining increased importance due to recent developments in the Middle East.
