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In 2024, Brazil was by far the leading petroleum-producing country in Latin America and the Caribbean, with nearly 4.3 million barrels of crude oil, natural gas plant liquids (NGPL), and other related liquids produced per day. Mexico ranked second that year, with around two million barrels per day. 

Venezuela's oil industry 

Despite holding the largest oil reserves worldwide, accounting for almost one fifth of global proven reserves, Venezuela’s oil production plummeted. Boasting more than three million barrels per day one decade earlier, the nation now ranks fifth in the Latin American region, trailing behind both Colombia and Argentina. One of the founding members of OPEC, Venezuela’s oil sector faces a myriad of challenges, from insufficient funding and a national political crisis, to sanctions from its main oil importer, the U.S. 

Emerging producer Guyana

In contrast to its struggling neighbor, Guyana has quickly become a promising emerging producer. With promising reserves discovered in the past decade, exploration on the block operated by U.S. ExxonMobil began in December 2019. Five years on, production reached an average of 617,000 barrels per day, granting Guyana a position amongst the top six petroleum-producing countries in Latin America. In 2024, Guyana's crude oil export value reached nearly 18 billion U.S. dollars.