Guyana’s rise as a crude oil producer in recent years can only be described as meteoric. If forecasts from some of the most respected international agencies pan out, the South American country’s output may soon rival some of the world’s biggest offshore producers. But the developments there are not without some controversy: they’re the centerpiece of a dispute over the proposed Chevron-Hess merger, while neighboring Venezuela claims that much of Guyana’s oil reserves are actually within Venezuelan territory. In today’s RBN blog, we’ll take a deep dive into Guyana’s production, examining its grades, quality and export flows as it transforms into a major global supplier.
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Before we look at Guyana’s output, let’s take a step back and look at the global picture. Worldwide crude oil production averaged 82.8 MMb/d in 2023 and is expected to peak at 88.8 MMb/d in 2040 before tapering back to 88.5 MMb/d in 2045, according to the latest Future of Fuels report by RBN’s Refined Fuels Analytics (RFA) practice. On the demand side, the International Energy Agency (IEA) said in its July report that while weak demand and poor margins pressured Chinese and European crude processing earlier this year, global refining throughputs are expected to rise by 950 Mb/d in 2024 and another 630 Mb/d in 2025, reaching 84 MMb/d. Producer cartel OPEC, unsurprisingly, is more upbeat. They see demand growth at 2.25 MMb/d in 2024 and another 1.85 MMb/d in 2025.
With most of the OPEC+ alliance still engaged in their production-curtailment program, at least for now, there’s an opportunity for other producers to boost output. The IEA and the U.S. Energy Information Administration (EIA) have identified tiny, sparsely populated Guyana — with about 83,000 square miles and 820,000 people — as being one of the leading contributors to global supply growth over the next few years, along with three giants: the U.S., Canada and Brazil.
Figure 1. Guyana, Venezuela and the Contested Essequibo Region. Source: RBN
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About the song
“Break My Stride” was written by Matthew Wilder and Greg Prestopino and appears as the first song on Matthew Wilder’s debut album, I Don’t Speak the Language. Frustrated by the lack of movement in his career after being signed to Arista Records by Clive Davis, Wilder wrote “Break My Stride” and self-financed recording it at Spence Proffer’s studio in Hollywood. Joe Isgro signed Wilder to his Private-I label and released “Break My Stride” as a single in July 1983. It went to #5 on the Billboard Hot 100 Singles chart. The song has seen new life and a revival recently after becoming a TikTok sensation. It entered the Billboard Digital Songs Sales chart at #50. The song has been covered by several artists, including Unique II, Puff Daddy, Aaron Carter and Matisyahu. Personnel on the record were: Matthew Wilder (vocals, Prophet-5 synthesizer), Dennis Herring (guitar), Bill Elliott (Prohet-5 synthesizer), Peter Bunetta (Oberheim DMX, drums, percussion), John Gilston (drum programming), and Greg Prestopino, Joe Turano (backing vocals).
I Don't Speak the Language was recorded in 1983 at Conway Studios and Sound Castle in Los Angeles. Peter Bunetta, Rick Chudacoff and Bill Elliott produced it, with Al Bunetta and Shingo Take serving as executive producers. Released in July 1983, it went to #49 on the Billboard 200 Albums chart. Two singles were released from the LP.
Matthew Wilder (Matthew Weiner) is an American singer, songwriter, musician and record producer. He also wrote the music for Disney's animated film, Mulan, and was the singing voice for the Ling character. He produced the hit album Tragic Kingdom for No Doubt and records for Christina Aguilera, Kelly Clarkson and Miley Cyrus. He has released three studio albums and six singles. He continues to write and produce.
