Latin America to drive over half of global oil production growth by 2026

The U.S. Energy Information Administration projects that Brazil, Guyana and Argentina will together add about 410,000 barrels per day (bpd) of oil by 2026, accounting for more than 51 % of the world’s expected production increase. Brazil’s offshore expansions, especially the Búzios complex and new FPSO units, are slated to boost output by roughly 200,000 bpd. Guyana’s Stabroek block, operated by ExxonMobil, is on track to contribute around 140,000 bpd, while Argentina’s Vaca Muerta shale is expected to add about 70,000 bpd.

In Paraguay, an energy specialist urged faster hydrocarbon exploration to pre‑empt a possible future energy shortage. He noted that, although 54 exploratory wells have been drilled since 1948, commercial reserves remain unverified. Accelerated exploration could enable domestic natural‑gas production for electricity in the Chaco region and support synthetic fuels, reducing the country’s reliance on imported oil products.