René Muschter
Research Expert covering Industry & Mobility
Oil industry in Latin America - statistics & facts
Latin America is the second largest region in terms of proved oil reserves. These oil reserves are primarily located in Venezuela’s Orinoco Belt. However, despite playing an important role in the global market and the economy of countries like Brazil, Mexico, and Venezuela, the oil industry in Latin America has seen better days. In 2023, it accounted for less than eight percent of oil production worldwide, a share which has been in consistent decline over the past decade.
