International crude prices rebounded on Thursday after falling sharply during the previous trading session, highlighting the volatility that could affect Guyana's petroleum earnings and the cost of imported fuel.
Brent crude futures were trading at US$96.37 per barrel, up 1.85%, at 7:45 a.m. Guyana time on November 5. US West Texas Intermediate (WTI) was up 1% at US$89.01 per barrel.
The recovery followed a decline of more than 8% on Wednesday, which took both benchmarks to their lowest settlement levels since August 31, according to Reuters.
The latest movements reflect uncertainty surrounding the US-Israeli war with Iran, developments in the wider Middle East and changing expectations about global oil supply.
For Guyana, the fluctuations are important because the value of its crude exports is influenced by international market prices. Sustained declines could reduce the value of future oil sales and, consequently, the petroleum revenues available to the country.
Guyana receives profit oil and royalties under its petroleum agreement with the Stabroek Block partners, with the value of its crude entitlement influenced by the prices achieved when cargoes are sold.
However, movements in Brent do not translate automatically into an identical change in the price Guyana receives. The country's crude grades, cargo pricing arrangements and timing of sales also influence realised prices.
The volatility also has implications for consumers and businesses, since Guyana imports refined petroleum products. Changes in international crude prices can influence the cost of those imports, although shipping, refining margins, product availability and other market factors also matter.
Consequently, a decline in crude prices does not necessarily result in an immediate reduction in domestic fuel prices.
Source: Reuters, November 5, 2026.
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