The United States continues to dominate the global oil market, with a production of 19.63 million barrels per day in 2024. Photo: composition LR/CDN/Freepik
The oil market in 2024 has achieved surprising changes. Although OPEC and Russia have implemented significant production cuts, the Brent barrel It trades below $80. This is largely because non-OPEC+ countries have increased their production, offsetting the cartel’s cuts. Among these countries, a Latin American country stands out, which has emerged as the largest oil producer in the region after surpassing Venezuela.
According to the International Energy Agency (IEA), record supply from the United States, Guyana and other countries has been instrumental in maintaining stability in the oil market. Additionally, rising production in Iran and declining global demand have led some OPEC+ members to implement broader production cuts to prevent a rise in inventories.
Venezuela has lost weight in the world of oil over time. Photo: CDN
What is the largest oil producer in Latin America?
Brazil has established itself as the main oil producer in Latin America after reaching a production of 3.77 million barrels per day in the first part of 2024. This figure places it in seventh position worldwide and surpasses Venezuela and other countries in the region. Mexico follows the Latin American ranking, with significant production, but still below that of Brazil. Argentina, Colombia and Ecuador complete the list of the main producers in South America.
This advance has been possible thanks to Brazil’s flexibility to increase its production in response to the high crude oil pricesunlike OPEC member countries, which have had to reduce their pumping to maintain prices.
How did Brazil manage to be in the top 7 with world powers?
Brazil has seized the opportunity created by OPEC production cuts and rising global demand to increase its oil production. This strategic move has allowed it to surpass Venezuela, but also position itself as a key player in the global crude oil market. The Brazilian nation has announced its intention to join OPEC+ in 2024, but has made it clear that it will not submit to the cartel’s production quotas, thereby maintaining its ability to adjust its production according to market conditions.
Brazil’s oil production has been boosted by investments in technology and exploration, which has allowed the country to increase its extraction and refining capacity. Furthermore, the discovery of new reservations and the exploitation of existing fields contributed significantly to its growth in the energy sector.
Brazil continues to increase its oil production in the world. Photo: Logistics and Transportation News
What is the country that produces the most oil in the world and the top 10?
The United States continues to dominate the global oil market, with a production of 19.63 million barrels per day in 2024. This figure places it firmly in first place, followed by Russia with 13.65 million barrels per day. Saudi Arabia, historically the largest producer, is now in third place at 9.02 million barrels a day due to OPEC cuts.
He top 10 of oil producers in 2024 is as follows:
- USA
- Russia
- Saudi Arabia
- Canada
- China
- Iraq
- Brazil
- United Arab Emirates
- Iran
- Kuwait
How was an oil reserve discovered in Antarctica?
Russia discovered the world’s largest oil reserve in Antarctica, estimated at 511 billion barrels. This finding, made by the Rosgeo vessel Alexander Karpinsky, was presented to the Commons Environmental Audit Committee. However, the 1959 Antarctic Treaty, which prohibits oil exploitation on the continent, complicates the viability of this discovery.
This reservation exceeds ten times the cumulative production of the North Sea in 50 years and double the reserves from Saudi Arabia and Venezuela. Although territorial disputes and environmental restrictions present significant challenges, this discovery has the potential to transform the global oil market if it is ever allowed to be exploited.
A Russian ship reported the discovery of a reserve with the capacity to produce 511 billion barrels of oil. Photo: Exxonmobil
Saudi Arabia abandons the petrodollar with the United States
The agreement, which has been in force since 1974, stated that Saudi Arabia it would only sell its oil in exchange for US dollars. This helped strengthen the position of the dollar as currency world reserve. In exchange, the United States provided security guarantees and other economic benefits to the Saudi kingdom.
