Argentina, Guyana, and Brazil lead Latin American oil growth, while Venezuela's return is met with skepticism, according to the American Journal of
Argentina, Guyana, and Brazil are set to drive Latin American oil growth in 2026, while Venezuela's potential comeback is viewed with caution, reported the American Journal of Transportation.
Rystad Energy estimates that flagship projects in the three countries will add more than 700,000 barrels per day this year, keeping them ahead of Venezuela through at least 2030. In the short term, up to 300,000 barrels per day of Venezuelan supply could enter the market.
Supermajors remain wary of Venezuela's long-term prospects, citing legal uncertainty and weak institutional legitimacy. However, traders and smaller firms such as Trafigura and Hillcorp are pursuing near-term opportunities following reforms, including lifted sanctions and changes to hydrocarbons law.
Analysts say a Venezuelan industry overhaul will be costly and lengthy, leaving Argentina, Guyana, and Brazil largely indifferent to its near-term crude return. Oversupply from Venezuela or Iran is testing the resilience of operators across the region.
