Guyana’s oil boom and challenges

Guyana’s president says his country has seen an increase in oil revenue as the Iran conflict reshapes global markets.

President Mohamed Irfaan Ali insists he does not want Guyana to depend solely on its oil wealth.

In recent months, oil revenues in the South American country have increased sharply as the US-Israel war on Iran grinds on, disrupting global energy supplies and driving up the price of crude oil.

In conversation with Talk to Al Jazeera, Ali says that major oil discoveries 11 years ago have transformed the country.

Despite the oil boom, inflation and the cost of living remain high. The opposition says the government is mishandling the oil wealth, but the president rejects those accusations.

Ali says that his government is striving to diversify other sectors of the economy to ensure long-term growth.

In this discussion, Guyana’s president says he’s not worried about United States intervention in neighbouring Venezuela, noting that the administration of US President Donald Trump is helping coordinate security in the region.