Oil production in South America is increasing rapidly.

How South America Is Becoming the Fastest-Growing Oil-Producing Region in the World Oil production in South America is increasing rapidly. Not only has it set historic records this year, but experts project it will be the region with the fastest growth rate in this sector on the planet. A 30% increase is expected between 2024 and 2030, meaning its pace of expansion will surpass that of the Middle East and the United States. According to the International Energy Agency, the significant increase in productivity will be driven primarily by the major projects underway in the Brazilian offshore pre-salt, the Neuquén Basin in Argentina, and the Stabroek Block in Guyana. Guyana, Argentina, and Brazil are the main oil producers. Estimated oil production in South America through 2030, expressed in millions of barrels per day* Brazil According to the country's National Oil and Gas Agency, Brazil, the region's main oil engine, set a production record in June, extracting a daily average of nearly five million barrels of oil and natural gas.