Traders Flock to Burgeoning Petrostate for Taste of Oil Riches - Bloomberg:
Oil traders are packing their bags for a trip to the world’s newest petrostate -- a place they know remarkably little about.
At least half a dozen traders from Houston, Geneva and London are set to alight in tropical Guyana this weekend to bid on some of the first oil cargoes produced by the tiny South American nation. Ahead of the journey, the traders wondered aloud if they’re heading to an island (they’re not) and what language is spoken there (English).
Their lack of familiarity with the former European colony is a testament to Guyana’s unlikely emergence as an oil state. Long dependent on sugar plantations and bauxite mining, the country was the site of a major crude discovery by Exxon Mobil Corp. in 2015. Now it’s poised to produce more oil than neighboring Venezuela, a founding OPEC member.
Oil traders are packing their bags for a trip to the world’s newest petrostate -- a place they know remarkably little about.
At least half a dozen traders from Houston, Geneva and London are set to alight in tropical Guyana this weekend to bid on some of the first oil cargoes produced by the tiny South American nation. Ahead of the journey, the traders wondered aloud if they’re heading to an island (they’re not) and what language is spoken there (English).
Their lack of familiarity with the former European colony is a testament to Guyana’s unlikely emergence as an oil state. Long dependent on sugar plantations and bauxite mining, the country was the site of a major crude discovery by Exxon Mobil Corp. in 2015. Now it’s poised to produce more oil than neighboring Venezuela, a founding OPEC member.
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