Guyana has begun direct engagement with fuel suppliers as concerns mount over possible disruptions to the global energy market in the coming months.
The move comes as the International Energy Agency warns that the world’s energy supply could enter what it describes as a “red zone” by August if ongoing geopolitical tensions continue to affect production and shipping routes.
Speaking at a recent press conference, President Dr Irfaan Ali said the government is actively monitoring the situation and maintaining constant contact with suppliers to ensure Guyana is protected from possible shortages.
“In the short term, we have been speaking with all our suppliers. I had a meeting with all our suppliers and they have assured me — of course, these things can change rapidly — but have assured me of supplies in relation to Guyana.
But as I said, things are changing rapidly in the energy world, so we are consistently talking to them to ensure that we have the supply and then working out some interventions in the medium and long term,” he noted.
The President acknowledged that attacks on oil facilities in Gulf states and disruptions along major shipping routes are severely affecting global supply.
He said that even if tensions ease soon, countries drawing on emergency reserves would still need time to rebuild stockpiles, while shipping delays continue to affect markets.
Against that backdrop, Guyana is also accelerating medium- and long-term plans aimed at strengthening national energy security.
Those plans include expanding fuel storage capacity, advancing the Gas-to-Energy project, and examining the possibility of a refinery capable of supporting both Guyana and regional partners.
“We see storage being an important conversation in the challenge the world is faced with now. We might take this on in two ways.
One is that storage is an important issue. But also supply security is important. And that is why I believe there is an opportunity for the refinery.
But we are looking at this as an investor’s opportunity that would allow not only Guyana security, but also other partners in the region security of supply.
We know we have security of crude, security of supply, and to build out the infrastructure on that. Of course, that will necessitate a large storage facility,” President Ali said.
The administration is also pushing ahead with the second phase of the Gas-to-Energy initiative, which officials say will support industrial expansion and reduce long-term dependence on imported fuel.
