Report published September 2, 2026
Latin America Energy: Oil Production Up 1.3 mmbpd YoY in 2Q26 – Goldman Sachs
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 2026
- Analysis as of
- Not stated in source
Authors / editors: Bruno Amorim, CFA, Neil Mehta, Michele Della Vigna, CFA, Guilherme Costa Martins, Amber Cai, Huama Belmonte
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Latin American oil production grew 14% YoY (+1.3 mmbpd) to 10.8 mmbpd in 2Q26, led by Brazil, Venezuela, Guyana, and Argentina. This volume growth is set to maintain momentum through 2026E (+9% YoY ex-Venezuela), benefiting select upstream operators, service providers, and complex US Gulf Coast refiners.
Key Takeaways
- 1.In 2Q26, Latin American average oil production expanded by 14% YoY (+1.3 mmbpd) to 10.8 mmbpd, driven by Brazil (+680 kbpd), Venezuela (+270 kbpd), Guyana (+240 kbpd), and Argentina (+140 kbpd).
- 2.Sequential LatAm output rose 5% QoQ (+470 kbpd) in 2Q26, primarily supported by Brazil's FPSO ramp-ups and Venezuela's gradual output recovery.
- 3.Full-year 2026E oil output for the region excluding Venezuela is projected to increase 9% YoY, with upside risk from Argentina's Vaca Muerta shale and platform additions in Brazil and Guyana.
Table of Contents
- Stock calls
- US Refining Implications
- E&P / integrated
- Oil Services
- Chartbook
- Brazil
- Argentina
- Guyana
- Venezuela
- Mexico
- Colombia
- Valuation and key risks
- Disclosure Appendix
Report data
Exhibit 1: We estimate average oil production in LatAm increased by ~1.3mnbpd YoY in 2Q26, mainly boosted by growing production in Brazil, Argentina, Guyana and now Venezuela
| Metric | Estimate | Context |
|---|---|---|
| Latin American Average Oil Production | 10.8 mmbpd | Regional production reached 10.8 mmbpd driven by Brazil, Venezuela, Guyana, and Argentina. |
| Latin American Sequential Oil Production Growth | +470 kbpd | Sequential regional growth primarily driven by Brazil FPSO ramp-up and Venezuelan production recovery. |
| Brazil Oil Production YoY Change | +680 kbpd | Boosted by the ramp-up of recently inaugurated offshore FPSOs. |
| Venezuela Oil Production YoY Change | +270 kbpd | Gradual recovery and ramp-up in Venezuelan crude production. |
| Guyana Oil Production YoY Change | +240 kbpd | Growth supported by operating FPSOs offshore Guyana. |
Document Preview
Access the Full Report
Get unlimited access to institutional research reports. Create an account to get started.
Authors / Editors
Reported Data Context
- Latin American Average Oil Production: 10.8 mmbpd (2Q26) · Source: ANP, ANH, Argentina Secretary of Energy, Guyana's Ministry of Natural Resources, PEMEX, Bloomberg, Data compiled by Goldman Sachs Global Investment Research
- Latin American Sequential Oil Production Growth: +470 kbpd (2Q26) · Source: ANP, ANH, Argentina Secretary of Energy, Guyana's Ministry of Natural Resources, PEMEX, Bloomberg, Data compiled by Goldman Sachs Global Investment Research
- Brazil Oil Production YoY Change: +680 kbpd (2Q26) · Source: ANP, Goldman Sachs Global Investment Research
- Venezuela Oil Production YoY Change: +270 kbpd (2Q26) · Source: Bloomberg, Goldman Sachs Global Investment Research
- Guyana Oil Production YoY Change: +240 kbpd (2Q26) · Source: Guyana's Ministry of Natural Resources, Goldman Sachs Global Investment Research
Securities
Themes
Regions
Related Reports
Pulp & Paper: Some Hardwood Momentum Building Into 4Q
September 8, 2026
GDP Declines in Downside Surprise in Q2, Dragged by Net Exports
September 8, 2026
Asia Leaders Conference 2026 Takeaways: Beisen CFO Visits
September 8, 2026
Chile: Higher-Than-Expected Inflation Driven by Non-Core Pressures
September 8, 2026
SECO: First Take 2Q26
September 8, 2026