LATIN AMERICA ADVISOR

Energy ADVISOR

A daily publication Of the dialogue

July 14, 2023

How Much Does OPEC Want to Make Guyana a Member?

OPEC invited Guyana’s natural resources minister to participate in a summit hosted by the oil cartel. The country’s vice president, Bharrat Jagdeo (pictured), said Guyana is uninterested in becoming a member. // File Photo: Guyanese Government.

Q

A

Anthony T. Bryan, co-founder of the Caribbean Policy Consortium: “OPEC has not invited Guyana to join, and the Guyanese political leadership has indicated that it is not interested in becoming a member currently. While Guyana’s oil and gas potential is world class, it is too early in the development of its oil and gas sector to join OPEC. Guyana intends to maximize its oil production and revenue and would be severely constrained by OPEC’s requirement that its members adhere to production quotas at times to project the cartel’s power in the global marketplace. Guyana’s development needs are too urgent for such potential restrictions at this stage. Furthermore, the country does not even have a national oil company to negotiate or represent its interests in the global petroleum economy, given that OPEC’s members and its associate OPEC+ members are state-owned companies or controlled by governments. Guyana is not in control of its oil and gas industry since…”

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A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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