Oil producers in Guyana have increased exports to European buyers seeking a replacement for Russian oil.

Based on oil-tanker tracking data, 49% of the country’s total oil exports this year have gone to Europe, a significant increase from 16% in 2021.

Guyana’s oil is produced by a consortium made up of Exxon Mobil, Hess, and China National Offshore Oil Company, and all of it is exported. Spain’s Repsol, Italy’s Eni, and Britain’s BP have been among its buyers.