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First crude oil cargo from Guyana to reach Mundra port

Date: 26 March 2021 Tags: Miscellaneous
  • The first cargo from new oil producer Guyana to India has departed this month from a production facility off the South American nation's coast.
  • Since Guyana began exporting crude in early 2020, its oil has flowed mainly to the United States, China, Panama and the Caribbean.
  • India was a prominent importer of Venezuelan oil, but tight U.S. sanctions on the South American country have since 2019 limited the volume India can buy, if it is even allowed.
  • Besides Russia, North American producers Canada, the United States and Mexico have gained market share by selling heavy crude grades to India.