BRAZIL NOW PUMPS MORE OIL THAN MEXICO, VENEZUELA and COLOMBIA
The chart below
says it all.
2 regions Brazil and a single U.S. state (New Mexico) are now producing more crude oil than entire historic oil powers.
And the implications for global supply, hashtag#OPEC strategy, and Western energy dominance are enormous.
???? Brazil
• Just surged past 3.6 million barrels/day
• Now producing more than Venezuela, Colombia, and Mexico combined
• Powered by ultra-low-cost presalt fields with breakevens as low as $25/bbl
???? New Mexico (USA)
• Producing nearly 2 million barrels/day
• Up 10× since 2010
• Now on track to surpass major OPEC members like Algeria and Angola
• Part of the Permian Basin, which alone produces more oil than Iraq
???? Mexico
• Collapsing from 3.4 mbpd in the early 2000s to barely 1.6 mbpd
• A warning sign for mature basins and chronic underinvestment
???? Venezuela
• Once pumping 3.2 mbpd, now hovering around 0.8 mbpd
• A cautionary tale of political decay and mismanagement
???? Colombia
• Stagnating below 0.8 mbpd, no major new discoveries
???? Guyana
• The rising star from zero to 0.6 mbpd in a few years
• On track to hit 1.2 mbpd by 2028, becoming a top-10 global exporter
• ExxonMobil’s most lucrative offshore asset
What this chart shows is a geopolitical shift
? hashtag#Brazil is becoming the non-OPEC powerhouse
? The U.S. shale machine is still rewriting the global supply curve
? hashtag#Guyana is emerging as the next hashtag#Qatar but for oil
? Old giants (Mexico, hashtag#Venezuela) continue to fall from the map
hashtag#Oil demand is STILL rising.
Sanctions are hitting hashtag#Russia and Venezuela.
In this world, production geography becomes a weapon.
Is the next decade of oil dominance will be written in Rio de Janeiro, Houston, and Georgetown?
source: linkedin.com |
