Guyana earned more than US$15 billion from crude oil exports during the first six months of 2026, as rising production and higher international oil prices continued to drive the country’s rapidly expanding petroleum industry.
According to the government’s 2026 Mid-Year Report, crude oil export earnings climbed 82.1 per cent to approximately US$15.05 billion between January and June, contributing to a 76.4 percent increase in total export earnings, which reached US$16.2 billion.
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The increase reflected a combination of higher export volumes and stronger prices on the international market. Guyana’s crude oil export volumes rose by approximately 40 per cent, while the average export price increased from US$71.23 to US$92.68 per barrel, according to figures reported by the Bank of Guyana.
Production also expanded significantly. Guyana produced approximately 163.3 million barrels of crude oil during the first half of 2026, compared with 115.7 million barrels during the same period last year. Average daily production increased from about 639,000 barrels to approximately 902,000 barrels.
The growth was supported by four floating production, storage and offloading vessels operating in the offshore Stabroek Block during the period. The One Guyana vessel, which began operations in August 2025, contributed to the increased output.
Guyana’s government has also revised its petroleum revenue projections upward. The 2026 Mid-Year Report estimates that petroleum deposits could reach approximately US$6.5 billion for the full year, substantially exceeding the initial budget projection. The projected amount includes revenue from the government’s share of profit oil and royalties.
The additional earnings are expected to provide greater resources for public spending and investment through the Natural Resource Fund, which receives the government’s petroleum revenues. At the end of June, the fund held approximately US$4.29 billion, including interest income, after withdrawals of about US$1.02 billion during the first half of the year.
Beyond oil, Guyana’s non-petroleum exports also recorded growth. Earnings from these exports increased by 24.6 percent to approximately US$1.15 billion, supported largely by gold exports, which reached US$826.2 million.
The country’s economy expanded by an estimated 33.3 percent during the first half of 2026, while the non-oil economy grew by 10.1 percent. The government has projected overall economic growth of 20.8 percent for the year.
Despite the substantial oil earnings, the scale of production has also intensified discussion about how the country can translate its petroleum wealth into lasting improvements in living standards and diversify its economy in preparation for a future when oil production may decline.
The latest figures underscore Guyana’s growing importance as an oil exporter, while highlighting the importance of managing petroleum revenues to support sustainable development beyond the energy sector.
