OPEC: Positive Forecast for Latin America Countries Production

Oil production in Latin American countries outside of the OPEC cartel and Mexico should average 4.66Mb/d in 2010, an increase from the 4.61Mb/d previously forecasted, OPEC said in its April oil market report.

Argentine oil supply experienced an upward revision of 10,000b/d due to healthy production figures during the first two months of the year, according to OPEC. However, oil supply from Argentina is still expected to decline by 20,000 b/d from 2009 to average 740,000b/d in 2010 despite the increased number of rigs operating in the country as natural decline will more than offset any new barrels.

Brazil’s is set to see the highest growth rate among all non-OPEC countries, with production set to rise 190,000b/d over 2009 to average 2.70Mb/d in 2010.

Colombian oil production is expected to grow by 90,000b/d to average 770,000b/d in 2010, with an upward revision of 10,000b/d.

Latin America remains the region with the highest projected growth among all non-OPEC regions, according to the report.

Venezuela and Ecuador are Latin America’s only members of OPEC. Mexican production is included in the cartel’s North American figures.

Source: Opec,April 21, 2010;

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