Latin American heavy weights
In: https://ora.ox.ac.uk/objects/uuid:ac160ca1-89b2-4aea-b303-ff5ee6b6199e
Mexico, Venezuela and Brazil contribute about 30 percent of world production of heavy and extra heavy crude oil, estimated at around 15 mb/d in 2012. Each of these three countries has a distinctive future production profile. Latin America will continue to run a surplus of heavy crude, but the supply of these types of grade will be increasingly restricted, either as a result of the natural decline in its fields, lack of investment, limited access to technology, political uncertainties or particular strategies in the energy sector leading to increasing domestic demand. This article explores some of the reasons behind the supply slowdown of heavy crude oil expected in each of these Latin American countries and some consequences in the international oil market over the next few years.