South America's crude oil production is on the rise, with Brazil, Guyana, and Argentina leading the way, while Venezuela shows signs of recovery and Colombia's output is expected to decline.
South America is a key source for growth in the world’s crude oil supply as production in other regions is stagnating. Brazil , Guyana and Argentina are among the fastest-growing countries in terms of crude supply growth, and Venezuela has also seen a good recovery in recent months. The latest data shows Brazil ’s crude and condensate output climbed 7% from April to June, halting a five-month declining trend.
The current iteration of our data maintains a positive outlook for Venezuela with a healthy growth rate projected for this year and next with, adding 126,000 bpd in 2024 and 62,000 bpd in 2025. Country-level output for Venezuela is now projected to average 940,000 bpd in 2H24, though this forecast is subject to change following the recent result of the controversial elections held in the country. The upcoming US election is also likely to impact the future of Venezuela’s crude outlook.
Crude Oil Oil Production Brazil Guyana Argentina Venezuela Colombia
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