The driving force behind Latin American oil production is Brazil’s offshore oil boom, although Mexico, Colombia, Venezuela, and Argentina all still produce huge amounts of oil.
it has yet to emerge as a top-five oil producer in Latin America and the Caribbean. Here are Latin America’s five largest oil producers.Coming in fifth place is economically crisis-riven Argentina which is Latin America’s third-largest economy. For 2022, Argentina pumped a record high of 582,387 barrels of crude oil per day, which was 13% greater than a year earlier and 14.5% greater than the 508,645 barrels per day lifted during 2019.
Foreign energy investment is also growing in part because of firmer oil prices but also due to President Fernandez implementing a package of tax and customs benefits for foreign energy companies operating in Argentina in August 2022. It is forecast that Argentina’s oil production will grow to one million barrels per day by 2026 which will facilitate a notable increase in petroleum exports to 500,000 barrels per day.The fourth largest oil producer in Latin America is strife-torn Venezuela.
. Shattered oil industry infrastructure including leaking pipelines, inoperative refineries, and faulty wells are all weighing on operations. It will take tremendous investmentestimated to be as much as $120 billion, and at least a decade to rebuild Venezuela’s oil industry. Caracas will not be able to attract that level of industry investment until the rule of law is guaranteed and strict U.S. sanctions are substantially loosened.
of just over two billion barrels, which will last less than eight years due to a lack of exploration. That, along with most oil being lifted from mature fields is weighing on production volumes. ban awarding new contracts
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