LAC oil production surpassed 370 million barrels in February, marking a 27% year-on-year increase.

OLACDE’s latest monthly report shows a strong rebound in regional hydrocarbons. The surge is reshaping the energy balance of Latin America and the Caribbean amid a volatile global market.

Quito, June 2026. The region is entering a new phase of expansion in the hydrocarbons sector. According to OECD’s latest Oil and Natural Gas Report, oil production rose by 27% year-on-year in February 2026, reaching 377 million barrels, compared to 298 million barrels in the same month last year.

This increase reflects a significant restructuring of the regional energy landscape. Operational activity in Vaca Muerta (Argentina), record-high extraction in Brazil’s pre-salt layer, and rising output in Mexico are driving regional supply to levels not seen in the past twelve months.

Every month, production also grew by 4.4% compared to January, supported by a recovery in Brazil and Venezuela after declines the previous month. Brazil, Mexico, and Venezuela account for 68% of the region’s total oil production, underscoring the strategic role these three countries play in the sector’s momentum.

Natural gas: even faster growth

Natural gas production expanded at an even stronger pace. According to the report, output reached 26 billion cubic meters, representing a 30% year-on-year increase.

The main drivers of this growth are, once again, Argentina and Brazil. The development of shale gas in Vaca Muerta, combined with unprecedented production in Brazil’s pre-salt fields, is reshaping the regional supply matrix at a time when natural gas is consolidating its role as a transition fuel to support electricity systems with high renewable penetration.

Argentina and Trinidad and Tobago lead the market with a 21% share each, followed by Brazil with 13%, Peru with 12%, while Venezuela, Bolivia, and Mexico each account for approximately 9%.

OLACDE’s report confirms that while the region remains a global leader in renewable electricity generation, it is also strengthening its role as a strategic global supplier of hydrocarbons.