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Latin America: proved crude oil reserves 2019, by country

Crude oil reserves in Venezuela amounted to nearly 303 billion barrels in 2019, the largest reserves in both Latin America and the world. In the Latin American region, Brazil ranked second but far behind, with 12.8 billion barrels.

Leading crude oil producers in Latin America

Despite holding the largest reserves in the world, Venezuela ranked third in Latin America and the Caribbean in terms of petroleum production, trailing behind Mexico and Brazil. The oil production of Venezuela - one of the founding members of OPEC - decreased threefold in the past ten years, to less than one million barrels per day in 2019. Meanwhile, Brazil’s oil production has been on an increasing trend since 2013, surpassing previous regional leaders Mexico and Venezuela in 2016.

Central and South America in the global oil market

While Venezuela alone holds the largest crude oil reserves in the world, Central and South America as a whole trails behind the Middle East, accounting for approximately one fifth of global reserves (the Middle East represents almost half of worldwide reserves). Oil reserves in Central and South America have remained relatively stable in the past decade, at an average of 51 billion metric tons (roughly 375 billion barrels). Despite its potential, this region had the lowest share of global oil production in 2019, with only Brazil ranking amongst the top ten oil producing countries .

Leading countries in proved crude oil reserves in Latin America and the Caribbean in 2019

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Source

Release date

May 2020

Region

LAC

Survey time period

2019

Special properties

Crude oil including lease condensate

Supplementary notes

The source does not specify the publication date. The release date is the date of access.

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Statistics on "Oil industry in Latin America"

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