Guyana's oil boom grabs bigger share of European market

Guyana has gained a larger share of Europe's oil market this year, driven by rising output and strong demand for light, sweet crude grades amid a reshuffling of global oil flows.

Western sanctions on Russian oil have opened a window of opportunity for emerging producers, including Guyana, whose crude grades are a good fit for many European refiners.

Guyana's crude exports to Europe in the first quarter of this year rose to some 215,000 barrels per day, or 63 per cent, up from 50 per cent last year.

Guyana reported revenue from royalties and profit of $439 million in the second quarter, which increased the nation's oil fund balance to $1.72 billion at the end of June.