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Photo via CMC
QUITO, Ecuador, CMC- The Latin American and Caribbean Energy Organization (OLACDE) Wednesday said that Latin America and the Caribbean (LAC) accounted for approximately 11 per cent of global oil supply last year with regional oil production increasing by 20 per cent.
It said in addition, natural gas production increased 10 per cent last year, consolidating Latin America and the Caribbean as a strategic player in international energy markets.
OLACDE presented its report titled “Outlook 2025:Production and Foreign Trade ofOil and Natural Gas in Latin America and the Caribbean, highlighting the strong dynamism of the regional hydrocarbons sector, driven primarily by Guyana’s growth and the sustained leadership of Brazil and Mexico.
According to the report, future projections indicate that LAC is expected to continue expanding its production at a faster pace outside OPEC member countries. Regarding natural gas, the report states that production registered a 10% increase.
The report also indicates that 46 percent of regional oil production was allocated to exports, with China consolidating its position as the leading destination for external sales, accounting for 31 percent of LAC’s oil trade, followed by the United States and the European Union.
In terms of natural gas, OLACDE notes that 59 per cent of regional imports originate from the United States, reflecting the high level of North American energy integration, while Argentina and Trinidad and Tobago continue to play a strategic role as the region’s main liquefied natural gas (LNG) exporters.
Additionally, the analysis projects that, despite the accelerated expansion of renewable energy and electrification, oil and natural gas will continue to maintain a significant share in the regional energy matrix over the coming decades, each representing close to 26 percent of Latin America and the Caribbean’s primary energy mix.
