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Venezuelan Economy Regains Traction as US Lifts Sanctions

The once floundering Venezuelan economy, the failure of which has put millions of Venezuelans on the breadline and sent millions more fleeing starvation, is regaining traction as US lifts crippling sanctions and Venezuela becomes able to sell its oil to once blocked markets. Already, India, China, and United States have started to import crude from Venezuela bringing the glimmer of hope that the Venezuelan economy will be flooded with Petro dollars once again like it was in the good old days of the 90s.

News

Gas to Energy Project Expected to Reduce Electricity Cost by 50% and Cooking Gas Cost by 70%

The Guyana Government is moving full board ahead with its much criticized and debated Gas to Energy Project which is expected to be completed by 2025. Upon completion, President Ali said, electricity costs for the Guyanese people will be slashed by 50% and cooking gas by 70%. This will in turn contribute to the reduction of cost of living in the world’s fastest growing oil economy.

News

Guyana Records World’s Highest Economic Growth Over Last Decade

In order to compile a list of the 20 countries with the highest rate of economic growth in 10 years, we sourced data from the International Monetary Fund (IMF). The most recent data was available from 2022. We considered the growth in real GDP for all countries over the last 10 years. We averaged the real GDP growth rates of countries over the last 10 years and ranked them in ascending order.

News

Suriname is Expected to Surpass Guyana in Oil Production in a Few Years

But it seems like, very soon, Guyana’s eastern neighbor will steal its crown as the world’s fastest growing oil economy. Suriname is estimated to have more than 30 billion barrels of oil and drilling has already started. With a population far less than Guyana, the former Dutch colony is also about to steal Guyana’s coveted title of having the highest proven oil reserves “per capita.”

News

Suriname Estimated to Have Over 30 Billion Barrels of Unexplored Oil Reserves

Currently, just 40% of Suriname’s offshore oil blocks have been licensed, some 32 million acres, leaving over 60% untouched and ripe with potential. Staatsolie’s Vice President of Offshore, Glenn Corrie, said that by the end of 2022, the 60% of unexplored offshore acreage will be up for grabs, and Suriname is looking to get good fiscal terms for the development of its oil and gas resources.

Commentaries

No Laughing Matter

I was extremely disappointed to hear our president referring to sugar as a “curse.” The same sugar that put food on the table for so many Guyanese families for centuries. The same sugar which enriched and sweetened the lives of so many people. The same sugar that laid the foundation for so many other industries, and created so many millionaires out of all races, classes, and conditions.