Oil from offshore Brazil, Guyana, Suriname, and Argentina’s Vaca Muerta shale play will be key sources of cost-competitive non-OPEC oil supply through 2030, with global liquids demand peaking in the 2030s at around 107 million barrels per day (bpd) according to Rystad Energy. Non-OPEC+ producers are expected to account for nearly 60% of new conventional oil under development through 2030, with South America leading the supply growth.

Radhika Bansal, VP of Upstream Research at Rystad Energy, highlighted the need for sustained investment in new and mature fields as current producing wells are projected to deliver less than half of their current output by 2030. Undeveloped and discovered assets will play a key role in meeting global supply needs through the mid-2030s, but delays in project timelines due to above-surface risks could lead to brief oversupply situations.

Brazil’s offshore ultra-deepwater pre-salt oil fields are driving production growth, with major investments and new FPSO units coming online. Guyana’s oil production has surpassed 770,000 bpd, with expectations to reach 900,000 bpd and eventually over one million bpd. Argentina’s Vaca Muerta shale production has surged 26% Y/Y to over 447,000 bpd, making it the majority of the country’s total oil output.

Vaca Muerta’s shale oil production has benefited from significant investments, leading to lower lifting costs and increased productivity, with Argentina now pursuing a national LNG export strategy. While the basin is showing signs of slowing down, natural gas production is on the rise, positioning Argentina to become a pivotal player in global gas supply and reshape energy geopolitics.

Read more at Yahoo Finance: Brazil, Guyana, and Argentina Lead Next Wave of Non-OPEC Oil Production