Guyana has outperformed Venezuela in oil exports for three months, a major shift in regional energy dynamics.In February, Guyana exported 621,000 barrels daily, surpassing Venezuelas 604,000, as per Bloomberg data.This development occurs amidst a near-century-old dispute over the Esequibo region, intensified by significant oil finds off Guyanas coast.These discoveries have propelled Guyanas economic growth, with Exxon Mobils investment playing a key role.Conversely, United States sanctions halved Venezuelas oil output, though recent relaxations have seen a slight recovery.Guyana Surpasses Venezuela in Oil Export Amid Dispute.Guyanas oil industry, from zero to 637,000 barrels daily within three years, is set to exceed the UAE and Saudi Arabias per capita production by 2027, based on ExxonMobils exploration since 2015.Venezuela has reignited its claim on Esequibo, pushing for exploration rights and worsening tensions.A Venezuelan referendum proposes a new state, including Esequibo, seen as Maduros strategy before the 2024 elections.
International bodies warn against altering the status quo.Guyanas oil sector is booming, expected to reach over 1 million barrels daily by 2027, while Venezuela faces production declines due to sanctions and mismanagement.ExxonMobil supports Guyanas development, avoiding the political fray.The international communitys role in peaceful dispute resolution is vital, affecting regional and global oil markets.