Despite OPEC's interest, Guyana's Vice President Bharrat Jagdeo has stated that the country has no plans to join the cartel, as it wants to avoid any restrictions on its production levels.
Guyana plans to rapidly increase its oil production to capitalize on growing global oil demand.
The small South American nation of 800,000 residents bordering OPEC founding member Venezuela wants to pump as much crude oil as soon as possible, to take advantage of the still growing global oil demand this decade and boost its economy and build infrastructure thanks to the huge oil revenues. “Right now, the idea is to get as much of these resources out of the ground as quickly as possible given that we are not sure of the window we have in the future,” Jagdeo told the Journal. “While the Organization recognizes that Guyana is an emerging player in the international oil market with significant potential, OPEC has not invited Guyana to become a Member of the Organization,” the cartel said.
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