Latin America Will Beat North America In Oil Production Over The Next 30 Years

Exxon says Latin America’s oil production growth will outpace North America’s over the next 30 years.

That adds a bit of nuance to what everyone’s been saying about “Saudi America” — that the U.S. (and North America at large) will become energy self-sufficient.

That still seems within reach — as others have reported, Exxon also forecasts North America will become a net energy exporter by 2025.

But North America will add just a little over 6 billion barrels per day, while Latin America will add about 7.5 billion, according to the Exxon’s annual energy outlook released earlier this week.

“Total Latin American liquids production almost doubles due to developments in Brazil deepwater and Venezuelan oil sands,” the company says.

Here’s the chart:

exxon energy outlook

Photo: Exxon


NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.