Oil Storage Crunch May Affect Guyana Crude Shipments

Oil shipments from nascent crude producer Guyana’s prolific Liza field could be affected by a growing storage glut that has contributed to plunging global crude prices, the country’s director of energy said.

A consortium led by Exxon Mobil began producing crude from the offshore field in December after discovering more than 8 billion barrels of recoverable resources together with partners Hess Corp and China’s CNOOC Ltd. The poor South American country had no history of crude production.

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