The border dispute between oil-rich Venezuela and Guyana has taken a new turn, with Guyana's exports outpacing its neighbor for the third month in a row. Guyana's daily exports in February were 62, according to vessel dynamics compiled by Bloomberg10,000 b/d, up from 60 in Venezuela40,000 barrels per day.
The dispute between Venezuela and Guyana over the Essequibo region has been going on for nearly a century, but tensions have escalated in recent years following the discovery of a large oil basin off the coast of Guyana. Companies including ExxonMobil have flocked to the country.
Venezuela has the world's largest oil reserves and was once a major dominant player in the global oil market. Production in Venezuela after U.S. sanctions**. The recent easing of sanctions has brought production** to a four-year high, but still below half of its pre-sanctions level.
Guyana recently began producing oil from Payara, the third development project operated by Exxon. The country's oil production rose to 63 percent on Jan. 31 from zero three years ago70,000 barrels. (Compiled by Xiao Chen).
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