Despite Lower Demand, OPEC Sees Latin American Oil Production Outside of Venezuela Holding Firm in 2020

Latin American liquids production is expected to rise 2.27% to 6.19 million b/d this year even as global oil demand has plummeted, according to the latest monthly report issued by the Organization of the Petroleum Exporting Countries (OPEC).

The figure does not take into consideration Venezuela, Latin America’s only OPEC member, where oil production has fallen dramatically and registered a mere 339,000 b/d in July.

Latin American non-OPEC production increases will be driven principally by Brazil, where crude oil production rose 25,000 b/d in June following declines from February to May. 

Output in pre-salt offshore areas was the main reason for production recovery in June, particularly from the Lula field, OPEC said. Brazilian oil production in the second half could be...