Latin America Energy Oil Production Growth Update

Latin American oil production surged 10% YoY in 1Q26 to 10.3 mnbpd, driven by growth in Brazil, Guyana, and Argentina. The region is positioned to lead global production growth through 2026, accounting for the vast majority of non-OPEC supply increases.

Key Takeaways

• 1.Latin American oil production grew 10% YoY (+960kbpd) in 1Q26, reaching 10.3 mnbpd, driven primarily by Brazil, Guyana, and Argentina.
• 2.The region is a critical global supplier, accounting for 76% of all non-OPEC production growth in the first quarter of 2026.
• 3.Goldman Sachs forecasts 11% YoY production growth (+830kbpd) for the region in 2026, supported by new FPSOs in Brazil/Guyana and shale growth in Argentina.

Table of Contents

• LatAm in a Global Context
• Stock calls
• Brazil exposure
• Argentina exposure
• Guyana exposure
• Brazil
• Argentina
• Guyana
• Venezuela
• Mexico
• Colombia
• Valuation and key risks
• Disclosure Appendix

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