Oil production in Central and South America is forecast to account for 10% of non-OPEC production next year

Oil production in Central and South America is forecast to account for 10% of non-OPEC production next year, based on forecasts from EIA’s Short-Term Energy Outlook (STEO). Brazil, Argentina, and Guyana are all expected to produce record highs of crude oil and other liquids next year.

Brazil’s production began ramping up after discoveries and investment in its offshore pre-salt regions around 2010 and is expected to produce ~5.2 million b/d next year. In Argentina, production from the Vaca Muerta shale formation has led the country’s oil production growth in recent years and is forecast to surpass 1 million b/d this year and next. Discoveries offshore Guyana since 2015 along with rapid development have brought the country from producing no crude oil to a forecast of more than 1 million b/d next year.

Combined, these three countries are forecast to produce ~7.4 million b/d in 2027, accounting for 10% of total non-OPEC production.