Latin America’s evolving crude outlook
New supply from Argentina, Brazil and Guyana is rich in middle distillates, but optimism in terms of volume growth remains tempered by regulatory and technical risks as well as price volatility
Latin America as a region is home to the second-largest hydrocarbon resources in the world after the Middle East, but factors such as resource nationalism, economic uncertainty and underinvestment have led to slower increases in oil production than in other regions. Yet Argentina, Brazil and Guyana are showing some glimmers of hope. In contrast, Mexican output is continuing to slide. Venezuelan production is likely to depend on US sanctions, while Ecuador’s output drop could be temporarily halted if foreign investment commitments materialise. Most of the new supply from the region is middle distillate-rich, while fuel oil-rich shipments are showing a declining trend. Brazil’s National Petrol

Also in this section
21 August 2025
The administration has once more reduced its short-term gas price forecasts, but the expectation remains the market will tighten over the coming year, on the back of
19 August 2025
ExxonMobil’s MOU with SOCAR, unveiled in Washington alongside the peace agreement with Armenia, highlights how the Karabakh net-zero zone is part of a wider strategic realignment
19 August 2025
OPEC and the IEA have very different views on where the oil market is headed, leaving analysts wondering which way to jump
15 August 2025
US secondary sanctions are forcing a rapid reassessment of crude buying patterns in Asia, and the implications could reshape pricing, freight and supply balances worldwide. With India holding the key to two-thirds of Russian seaborne exports, the stakes could not be higher