Guyana Has No Plans to Cut Crude Output

Guyana has no plans to cut crude output despite a plunge in oil prices, the government’s top energy official said on Monday, adding that shutting down production could prove costly and harm future output.

Mark Bynoe, the director of the Department of Energy, said the country’s crude production averages between 75,000-80,000 barrels per day (bpd) and is expected to ramp up to 120,000 bpd by early June. The production and storage vessel at the offshore Liza field has storage capacity of 1.6 million barrels, he said.

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