Executive Director of CGX (Guyana) Energy, Professor Suresh Narine
says despite the gradual global transition to renewable energy
the demand for oil will remain high in coming years and as such, Guyana’s multi-billion barrel resources
are well-positioned to survive the stranded assets phenomenon.
Guyana will lift its third million-barrel oil cargo next week
just as the upcoming partial return of curtailed OPEC+ oil production from August
is set to create a new four-month supply glut of around 170 million barrels.
Rystad Energy said in a new analysis that after the first five months of 2020
which all registered excess global oil production compared to market demand
June was a month when global stocks saw some relief of 2.2 million barrels per day (bpd)
of implied oil inventory draws.
July, the last month of OPEC+’s record 9.7 million bpd output curtailment commitment
is also set to end with demand surprisingly exceeding supply by 1.9 million bpd.