Crude oil reserves in Venezuela amounted to nearly 303 billion barrels in 2023. In addition to being the undisputed leader in Latin America, the country also boasted the largest crude oil reserves worldwide. Brazil followed in the region, although by a large margin, with 15.9 billion barrels.
Central and South America in the global oil market
Oil reserves in Central and South America have remained relatively stable in the past decade, at an average of 51 billion metric tons, or roughly 375 billion barrels. Due in large part to Venezuela’s contribution, the region accounts for roughly one fifth of proven global reserves, ranking only behind the Middle East. Despite its potential, however, it reported the lowest share of global oil production in 2019, with a participation of less than seven percent. Only one country in the region – Brazil – ranked among the world’s top ten oil-producing countries that year.
Leading crude oil producers in Latin America
While it holds the largest proved oil reserves, Venezuela ranked fifth in Latin America and the Caribbean based on petroleum production, trailing behind countries like Colombia and Argentina. Venezuela’s crude production decreased by more than threefold in the past decade, dropping below one million barrels per day. Meanwhile, oil production in Brazil has been on an increasing trend since 2013. The Portuguese-speaking country went on to surpass previous regional leaders Mexico and Venezuela in 2016 and remains the frontrunner since.