Last Updated on Friday, 5 June 2026, 16:34 by Denis Chabrol Guyana’s oil sector generated US$577.60 million during the first quarter- January to March- of 2026 from royalties, profit oil and signature bonus, according to just published information by the Bank of Guyana. The Central Bank also said US$400 million was disbursed from the Natural Resources Fund on March 11, 2026. The Natural Resources Fund quarterly report says that at the end of March, 2026, the fund had U$3,643.49 million , just over the US$3,434.53 million at the end of December 31, 2025. Last year end, Brent Crude price was US$60.85 while by March month-end it was US$118.35 . Guyana has earned a total of US$9,282,958,857.88 from oil from March 2020 to March 23, 2026, and disbursed US$6,058,776,819.00 from May 2022 to March 2026. The report notes that oil prices opened the quarter at US$60.85/bbl., and briefly declined reaching a quarterly low of US$59.96/bbl. in early January. Thereafter, prices recovered steadily, trading within a range of US$65/bbl. to US$70/bbl. towards the end of February, supported by ongoing supply management and early signs of geopolitical tensions in the Middle East. The NRF quarterly report sys however, in March, prices surged sharply amid escalating political tensions between the US and Iran, and the wider Middle East. Damage to infrastructure and disruptions to critical supply routes such as the Strait of Hormuz raised concerns about significant losses in global oil supply. As the conflict worsened, oil prices continued its upward trend, breaching the US$100 mark following reported significant damage to energy infrastructure and blockages to the Strait of Hormuz, a key shipping route for crude oil ships. Despite initial optimism regarding a potential ceasefire, which contributed to a moderation in oil prices to just below US$100, the continuation of the conflict showed these expectations were misplaced. Consequently, oil prices resumed its upward trajectory towards the end of the quarter, closing at a quarterly high of US$118.35/bbl, the report states. Discover more from Demerara Waves Online News- Guyana Subscribe to get the latest posts sent to your email.
Source: demerarawaves.com
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