Guyana expects crude oil shipments to India to rise in 2026, building on a strong flow of barrels to the Asian market last year, according to Guyana’s High Commissioner to India, Dharamkumar Seeraj.
Seeraj said about six million barrels of Guyanese crude have been committed to India in 2025 and forecast that volumes would grow significantly next year as trade partnerships deepen.
“Our crude is described as one of the best in the world. Described as light and sweet. It’s low in sulfur and other impurities. The refining process is a dream for refineries,” Seeraj said during an interview with ANI News in December.
India, one of the world’s largest oil consumers, has shown strong interest, he added. India has not traditionally been a major buyer of Guyana’s crude since production began in December 2019, despite repeated expressions of interest in long-term supply arrangements. Guyana has generally resisted fixed-price, long-term deals, arguing that selling cargoes on the open market maximises value. Officials have said offers are not ruled out but must be assessed on their merits.
Distance has also been a constraint. Shipping crude from Guyana to India involves higher freight costs due to the long voyage. To offset this, Asian buyers such as India and China often purchase larger cargoes of around 2 million barrels rather than the typical one-million-barrel shipment.
The rise in Indian purchases in 2025 was partly driven by market conditions. Europe, the main destination for Guyanese crude, faced oversupply that displaced some barrels, according to S&P Global Commodity Insights. At the same time, Guyana’s growing offshore production increased the volume available for export beyond Europe.
That combination pushed more Guyanese crude toward alternative markets, including Asia, and weighed on prices. By late 2025 and early 2026, prices for Guyana’s crude grades fell below US$60 per barrel, their lowest in years, making the oil more attractive to opportunistic buyers. Those dynamics, coupled with India’s refining demand and interest in Guyana’s light, sweet crude, underpin expectations that shipments to India could increase further in 2026. All crude production offshore Guyana comes from the Stabroek Block, which is operated by ExxonMobil.