EU bought majority of Guyana’s oil as bilateral trade soars

In a decade, bilateral trade between Guyana and the European Union soared, and the group has emerged as the top buyer of crude produced in the Stabroek Block offshore.

The strong trade relationship was highlighted by both Guyana’s President Dr. Irfaan Ali and EU Ambassador to Guyana, René van Nes, at the Europe Day celebrations on Friday evening at the Herdmanston Lodge, Georgetown.

President Ali said EU imports from Guyana were valued at US$9.7 billion (or about GY$2 trillion) in 2024. And he noted that about 66% of the crude produced in the Stabroek Block offshore Guyana went to the grouping of European countries.

“We are very happy and we will accept your thanksgiving that we are contributing positively to the energy security of Europe,” President Ali said.

Ambassador van Nes also acknowledged that the EU has been a major purchaser of Guyana’s oil. But that’s not all.

According to him, the bilateral trade soared with Guyana’s exports to the EU moving from just about GY$15 billion in 2014 to GY$2.4 trillion in 2024- a mega increase over 10 years.

And as Guyana’s economy continues to flourish, the Ambassador urged Guyanese to do more business with the EU.

“Whoever trades with us, knows that they are treated equally and fairly.

“Guyana, as a CARICOM member, can export to the EU duty-free and tariff-free,” he reminded the gathering.

Capitalise on ‘duty free, tariff free’ export to the EU- Ambassador