Regional powerhouse
Argentina’s crude oil production surpassed 844,000 barrels per day in November 2025 and is on track to consolidate its growth with a projected annual average of nearly 750,000 bpd.
The figure is even more significant in the current regional context, as this production level exceeds Colombia’s output and places Argentina close to Guyana, which is estimated to have closed 2025 with an average of about 750,000 bpd.
Argentina’s production record is being driven by shale oil from Vaca Muerta, the country’s flagship unconventional formation. After a decade of development, Vaca Muerta already accounts for 69% of Argentina’s oil production and 65% of its natural gas output. With less than one-tenth of the formation currently developed, production is still expected to grow in the coming years.
In a recent analysis, Matthew Smith, Latin America correspondent for OilPrice, wrote: “By the end of the decade, Argentina’s crude oil output is expected to hit at least 1 million barrels per day, with some analysts forecasting 1.5 million barrels per day by 2030. This is a massive increase over the 787,395 barrels per day lifted for the first 11 months of 2025. Natural gas output is expected to surpass 6 billion cubic feet per day by 2030, driven by the Vaca Muerta’s rising shale gas production."
South America’s current Top 3
Brazil is no longer just the region’s undisputed leader but has also positioned itself among the world’s top 10 oil producers. In October, it surpassed the 4 million bpd mark for the first time, representing a 2.9% increase from September 2025 and a 23.2% rise compared with October 2024.
More than 95% of Brazil’s production comes from deepwater offshore fields. The start-up of new floating production, storage and offloading units, or FPSOs, such as those in the Bacalhau and Búzios fields, was key to this jump.
Brazil’s strategy in the coming years will continue to focus on developing its presalt resources, ultra-deep reservoirs beneath the seabed that have demonstrated exceptional productivity. Fields such as Mero and Búzios led production in 2025.
In terms of barrels produced, Venezuela continues to hold second place in the region. Despite operational challenges and fluctuations driven by the geopolitical environment, the country remains relevant due to its position as holder of the world’s largest proven oil reserves, estimated at about 303 billion barrels.
Current production is estimated to range between 800,000 and 900,000 bpd on average. In 2026, Venezuela’s production capacity will depend closely on the international sanctions framework and on foreign investment to restore infrastructure in the Orinoco oil belt.
The podium is currently completed by Guyana, arguably the most disruptive success story of the past decade. In just five years, the country went from having no oil production to becoming a major international player. It is estimated to have closed 2025 with an average of 750,000 bpd, with projections to surpass 1 million bpd in the short term.
The key factor has been the intensive development of the Stabroek Block by international consortia led by ExxonMobil, using state-of-the-art FPSO technology. The vast deepwater oil province has become central to Guyana’s economy and has also reignited a territorial dispute with Venezuela.