The major producer of petroleum in South America is ________.
The major producer of petroleum in South America is ________.
The correct option is A Venezuela
Oil production in Central & South America is at a high level of more than 7 million barrels per day since a decade ago. The latest figure is 7.5 million barrels per day. Two countries currently dominate Central and South American oil production: Venezuela and Brazil.
Traditionally, Venezuela had been South America’s biggest producer. Its oil reserves (18% of the world’s total) outstrip those of Saudi Arabia. But the political and economic instability of recent years has taken its toll on production. In 2005, Venezuela’s daily output was 3.3 million barrels. By 2016 it was down to 2.4 million barrels per day.
As Venezuela’s production has waned, Brazil has been growing significantly since 1985. In 2016, Brazil’s daily output of 2.6 million barrels gave it a 35% regional share, making it, for the first time, South America’s largest producer. Working in Brazil’s favor has been a supportive strategy regarding exploration bids which has attracted interest by international oil companies, coupled with the development of new offshore technologies.
Oil production in Central & South America is at a high level of more than 7 million barrels per day since a decade ago. The latest figure is 7.5 million barrels per day. Two countries currently dominate Central and South American oil production: Venezuela and Brazil.
Traditionally, Venezuela had been South America’s biggest producer. Its oil reserves (18% of the world’s total) outstrip those of Saudi Arabia. But the political and economic instability of recent years has taken its toll on production. In 2005, Venezuela’s daily output was 3.3 million barrels. By 2016 it was down to 2.4 million barrels per day.
As Venezuela’s production has waned, Brazil has been growing significantly since 1985. In 2016, Brazil’s daily output of 2.6 million barrels gave it a 35% regional share, making it, for the first time, South America’s largest producer. Working in Brazil’s favor has been a supportive strategy regarding exploration bids which has attracted interest by international oil companies, coupled with the development of new offshore technologies.
