Argentina, Brazil, Colombia, Mexico, and Venezuela dominate Latin American oil production. These countries are responsible for most of the region's total output and are giants on the international stage, ranking as some of the world's top oil producers. The following list provides production figures for the region's five leading oil producers and details about each country's oil industry.

1. Brazil

Brazil accounts for about 3.5 million barrels per day and is the eighth-largest oil-producing country in the world. According to the U.S. Energy Information Administration (EIA), more than 95% of Brazil's oil production is extracted from deep-water 澳洲幸运5开奖号码历史查询:oil fields offshore. In addition, Brazil has nearly 13 billion barrels in proved oil reserves, which is the second-largest in Latin America after Venezuela.

Brazil exports roughly 1.6 million barrels of oil per day. The transportation sector, which represents one🅠-third of total energy consumption in the country, is the source of the most demand for oil in 🍃Brazil.

Petroleo Brasileiro S.A., also known as Petrobras, is the biggest oil producer in Brazil by a substantial margin, accounting for more than 2 billion 澳洲幸运5开奖号码历史查询:barrels per day and 70% of Brazil's oil production.

2. Mexico

Mexico produces nearly 2 million barrels of oil daily. Although the country's output had declined from past levels, primarily due to declining output from maturing oil fields, production stabilized by 2023 and forecasts remain flat. From 1991 to 2010, Mexico maintained oil production above 3 million barrels per day. While Mexico maintains its position as the second-largest 澳洲幸运5开奖号码历史查询:crude oil exporter in Latin America, it has become a 澳洲幸运5开奖号码历史查询:net importer of refined products, primarily gasoline and diesel𒁃. It has just under 6 billion barrels of proved oil reserves.ꦦ

Mexico's oil industry is monopolized by the state-owned oil and gas company Petroleos Mexicanos, also known as Pemex.

3. Argentina

Argentina produces 787,000 barrels daily, making it the third-biggest oil producer in Latin America. Argentina's Vaca Muerta (Dead Cow) shale oil deposit is the fourth-largest in the world. The U.S. Energy Information Administration expects oil production to reach 909,000 by December 2023; given the increase in the oil production rate, it's likely that Argentina will reach 1 million barrels per day before 2026.

4. Colombia

Colombia accounts for the production of just under 770,000 barrels of oil per day. The country has suffered production losses, reducing output from over 800,000 barrels per day in 2010. According to the EIA, recent levels reflect infrastructure issues caused by attacks on Colombian pipelines and oil fields since 2019.

The Colombian oil and gas industry is controlled by Ecopetrol S.A., a state-owned oil and gas company and industry regulator. In Bogota, Ecopetrol produced more than 679,000 barrels of oil per day, approximately 88% of Colombian production.

5. Venezuela

Venezuela produces roughly 733,000 barrels of oil per day. Production has dropped from previous decades, when daily production fluctuated around the 2.5 million barrel mark, including a high of more than 3.4 million barrels per day in 1997.

Petroleos de Venezuela S.A. was established in 1976, immediately after the 澳洲幸运5开奖号码历史查询:nationalization of its oil industry. In the 1990s, reforms were introduced to liberalize the industry, but policy instability soon became the norm, esꦯpecially after President Hugo Chavez came to power in 1999.

In 2006, Chavez introduced policies requiring the renegotiation of existing 澳洲幸运5开奖号码历史查询:joint ventures with international oil companies. International operators were required to grant a 60% minimum share of every project to Petroleos de Venezuela♌. More than a dozen international companies, including Chevron and Royal Dutch Shell, acceded to the demands. The Venezuelan operations of two companies—Total S.A. and Eni S.p.A.—were nationalized after negotiations failed. Other international companies, including Exxon Mobil Corporation and ConocoPhillips Co, chose to exit Venezuela soon after.

The Bottom Line

Oil production in Latin Ame🔯rica is a constantly changing landscape. Although Brazil regularly holds the top spot, other producers rise and fall in the ranks as production and demand changes and geopolitical moves make their mark, and industry leaders and investors are watching closely.