Latin America’s oil production struggles to recover
Venezuela and Mexico are still coping with the fallout from the downturn while Brazil is set to start adding barrels again
No region was hit quite as hard by the downturn as Latin America. Oil production across the region has fallen 20%, from 9.6m barrels a day as the crisis took hold in 2015, to around 8m b/d. A region-wide recovery to pre-crash output levels could still be years away—if it ever comes. Venezuela, of course, has led the decline. The oil-dependent country's economic and political crisis is closely entwined with the industry, fuelling its collapse—with the resulting fall in oil production in turn making the crisis even worse. Output, according to the International Energy Agency, has fallen 35% just since 2015, around 800,000 barrels a day to 1.6m b/d. The litany of problems facing Venezuela's oil
Also in this section
25 March 2025
Cote d’Ivoire’s ambitions to become a major regional producer have gained renewed momentum, with established players and new entrants striking upstream deals and committing to long-term investment
24 March 2025
Indian E&P company wants to take domestic production to a new horizon, given the amount of unexplored opportunities
21 March 2025
Two recent developments raise the prospect of a revival in northern Iraqi oil and gas fortunes, but familiar obstacles could thwart momentum
20 March 2025
As cash-strapped Western governments commit to substantially raising defence expenditure, a similar dynamic is playing out in Saudi Arabia’s oil and gas sector, as Saudi Aramco maintains it heavy capex push despite reduced revenues
