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Venezuela vs. Guyana Conflict

Written by Subject: Venezuela

The decision by the Joint War Committee of Lloyd's Market Association only affects vessels visiting facilities far from the coast in Guyana's Exclusive Economic Zone, beyond "territorial waters."

?"? The Lloyd's Market Association statement warned that the measure is likely to increase the shipping cost of crude from facilities managed by ExxonMobil.

"Any additional shipping cost is likely to be small at first. While the inclusion of an area on the list means war risk premiums can be charged, they generally only rise when conflict breaks out."

?? Venezuela's regime also reported the activation of business units for oil development ( in the Essequibo, which Guyana has administered as its own since 1966.

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