Global price-reporting agency Platts, part of S&P Global Commodity Insights, will introduce two new freight assessments on December 1 that specifically track the cost of shipping Guyana’s crude to Europe.
The move comes as Guyana cements its place as a supplier to the Atlantic Basin following the rapid expansion of offshore production.
According to a November 3 note from S&P Global, the new assessments will cover Suezmax tankers carrying 130,000 metric tons of crude from Guyana’s offshore floating production, storage and offloading (FPSO) vessels to ports in northwestern Europe and the Mediterranean.
The routes reflect where most barrels are actually going: shipments from the Liza Destiny, Liza Unity, and Prosperity FPSOs to hubs such as Rotterdam, Wilhelmshaven, Trieste, and Castellon.
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Platts’ decision follows a shift in global crude flows. Data from S&P Global’s Commodities at Sea platform show that Guyana’s exports to Europe climbed 162% between 2022 and 2024, rising from 7.1 million metric tons (mt) to 18.6 million mt. On Suezmax routes alone, flows more than doubled from 5.9 million mt in 2022 to 13.2 million mt in 2024.
Europe’s growing appetite for Guyanese crude is rooted in the fallout from Russia’s invasion of Ukraine and the sanctions, market rebalancing and other events that followed. European refiners, seeking alternatives to Russian Urals, increasingly turned to medium to light sweet grades from emerging producers, with Guyana becoming one of the standout beneficiaries of that shift.
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The new freight assessments, published in Worldscale points with a US dollar/metric ton equivalent, give the market a dedicated pricing reference for voyages out of Guyana. For traders and analysts, it provides clearer visibility into freight dynamics along one of the fastest-growing crude export lanes in the world.
Exxon recently added Yellowtail, its fourth producing development offshore Guyana, which reached its 250,000 barrels per day (b/d) capacity in early November, adding a light sweet crude called Golden Arrowhead to the market. ExxonMobil Guyana operates the Stabroek Block, where all four projects are located, with a 45% interest, while Hess holds 30% and CNOOC owns 25%.
