The border dispute between oil-rich Venezuela and Guyana got a new twist with Guyana exporting more oil than its neighbor for the third straight month.
Guyana’s daily exports were 621,000 barrels in February, higher than Venezuela’s 604,000 barrels, according to vessel movements compiled by Bloomberg.
Venezuela, home to the world’s largest oil reserve and once a big swing player in the global oil market, saw production slump after the US imposed sanctions aimed at replacing President Nicolas Maduro. The recent easing of sanctions allowed production to rebound to a 4-year high but it still remains below half of what it was before sanctions.
Guyana recently started producing oil from a third development, Payara, operated by Exxon. The country went from producing zero oil 3 years ago to pumping 637,000 barrels on Jan. 31.