Latin America's oil leaders to outcompete Venezuela through 2030, Rystad says
MEXICO CITY, Feb 4 (Reuters) - Argentina, Guyana and Brazil will lead Latin American oil production growth in 2026, adding more than 700,000 barrels per day and outcompeting Venezuela through at least 2030, according to Rystad Energy analysis.
KEY CONTEXT
• Latin America's oil production is forecast to exceed 8.8 million barrels per day this year, Rystad Energy said in a note sent on Wednesday.
• Brazil will remain the primary growth engine, with production exceeding 4.2 million bpd, driven by pre-salt developments.
• Argentina's shale investment will grow from $9.4 billion in 2025 to nearly $11 billion in 2026.
• Offshore deepwater investment is expected to reach $42 billion, up 7.7% from 2025.
• Venezuela could add 300,000 bpd in the short term, but legal uncertainties persist, the analysis said.
• Traders including Trafigura TRAFGF.UL and Hilcorp HILCO.ULare pursuing near-term Venezuelan opportunities following sanctions relief.
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