Even as speculation had become rife that India’s oil supply challenges arising primarily out of an idiosyncratic production posture on the part of the Organization of Petroleum Exporting Countries (OPEC) might have been eased somewhat by the prospect of a long-term oil supply deal with Guyana, a media report published on Monday by the media group Caribbean News Global (CNG) says that Guyana has walked aside from such a deal.
India, one of the world’s biggest consumers of oil and a country that has enjoyed strong bilateral ties with Guyana since the two established diplomatic relations in 1966, had been thought to be almost certain to clinch a long-term oil supply deal with Guyana after it had become the first country to make oil purchases from the South American republic earlier this year.
