Latin America's enduring new oil landscape.
Latin America's oil sector has experienced tectonic-and likely irreversible-changes during the past decade. Production fell to 7.8 million barrels of oil per day (mb/d) in 2022 from 10.4 mb/d in 2010, with the global market share dropping from 12 percent to 9 percent. Oil is making a retreat from Latin America's traditional producers, including Mexico and Venezuela. Given current nationalistic policies and excessive reliance on over indebted national oil companies (NOCs), the trend is...
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