The Daily Journal.— Venezuela ranked as the third-largest oil producer in Latin America and the Caribbean in April, accounting for 11% of the region’s crude output, according to the latest report from the Latin American Energy Organization (Olacde), cited by EFE.
Regional oil production reached 318 million barrels in April, up 10% from the same month a year earlier, although output fell 2% from March levels, according to the Ecuador-based international organization.
Brazil led regional production with a 42% share, followed by Mexico at 17% and Venezuela at 11%. Together, the three largest oil-producing economies accounted for 70% of Latin America and the Caribbean’s crude production.
Guyana ranked fourth with 9% of regional production, followed by Argentina at 8%, Colombia at 7%, and Ecuador at 4%, according to Olacde data.
Venezuela’s position among the region’s leading producers comes as the country seeks to attract greater investment in its hydrocarbons industry and increase extraction capacity through new agreements with domestic and international companies.
Exports outside the region
The report also showed that most of Latin America’s oil trade continues to target markets outside the region.
Only 21% of the total value of Latin America and the Caribbean’s oil exports went to other countries within the region, while markets outside the region received the remainder.
In contrast, intraregional trade played a larger role in imports: transactions within the region accounted for 54% of the value of oil purchases by Latin American and Caribbean countries, while external suppliers provided the remainder.
Gas production rises 8.5%
Olacde also reported that regional natural gas production reached 21.7 million cubic meters in April, up 8.5% from the same month a year earlier, although production fell 2.3% from March.
Argentina and Trinidad and Tobago led regional gas production, each accounting for 22%, followed by Brazil at 14%, Bolivia at 12% and Mexico at 10%.
Venezuela, Peru, Colombia and Ecuador accounted for the remaining 20% of regional production.
The report came amid heightened uncertainty in international energy markets as tensions and trade disruptions stemming from the conflict in the Middle East continued to affect the sector, according to EFE.
With information from EFE
