Recent Posts
March 17, 2026
Guyana and Suriname’s emergence as potential major energy producers offers the Caribbean an opportunity to diversify its energy sector and shield itself from geopolitical disruptions and global market volatility, economist Richard Rambarran said.
Rambarran made the remarks on the Caribbean Business Review podcast on Sunday, noting the region’s vulnerability to fluctuating energy prices.
“One major thing that is different from the last energy crisis… is that we have two other Caribbean territories emerging as perhaps major energy producers within the Western Hemisphere,” he said, adding that Guyana and Suriname’s energy production could substantially increase the region’s per capita output.
He cited the COVID-19 pandemic, reductions in global fossil fuel investment, and sanctions against Russia as precursors to the current energy crisis, now intensified by the ongoing U.S.-Israeli conflict with Iran.
Rambarran said liquefied natural gas (LNG) from Guyana and Suriname could help the Caribbean navigate global energy market instability. “The addition of Guyana and Suriname and the potential vastness of LNG there really helps with the problem of interconnectedness among Caribbean territories and how they are then able to ensure that benefits arising from one country can also have concomitant benefits in sister Caribbean territories,” he said.
He noted that energy prices across the Caribbean are rising due to Iran’s control over the Strait of Hormuz, a major transit point for global commodities. About 39 per cent of the world’s crude oil, 29 per cent of LPG, 19 per cent of LNG, and 13 per cent of fertilisers pass through the strait, driving up prices of these commodities globally.
