What Slowdown? This Tiny Nation Is The World's Fastest Growing Economy, Set To Double GDP In 5 Years Thanks To Oil
Portfolio Pulse from Benzinga Neuro
Guyana, the world's fastest-growing economy, is projected to double its GDP in the next five years, primarily due to its burgeoning oil industry. The country's oil production is expected to increase from 390,000 barrels per day this year to over a million by 2027, following the inception of new offshore fields in Guyana's Stabroek Block by a consortium led by Exxon Mobil Corporation (NYSE:XOM). However, the bullish forecast is contingent on political stability and high oil prices.
September 27, 2023 | 7:41 am
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Exxon Mobil's involvement in Guyana's oil industry could potentially boost its stock price, given the projected increase in oil production. However, the forecast is contingent on political stability and high oil prices.
Exxon Mobil's involvement in the new offshore fields in Guyana's Stabroek Block could potentially increase its revenues and profitability, which could positively impact its stock price. However, this is contingent on political stability in Guyana and high oil prices, which could affect the profitability of Exxon Mobil's operations in the country.
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