en.Wedoany.com Reported - South America is rapidly emerging as a major new source of global crude oil flows, with the largest increase in oil exports among all producing regions so far this year, reshaping global trade patterns and strengthening the Atlantic Basin's role in global supply. According to data from commodity intelligence firm Kpler, crude oil exports from the Middle East from January to May this year fell by more than a quarter year-on-year, creating a supply gap of approximately 675 million barrels. This gap has amplified the importance of supply growth in other regions, particularly South America.

South America's total exports recorded the largest year-on-year increase in history, rising by about 155 million barrels, surpassing the combined growth of all other regions. Brazil, Guyana, and Venezuela were the main drivers, together accounting for an increase of approximately 145 million barrels. Including Argentina's 12 million barrel increase, these countries' year-on-year growth exceeded 157 million barrels. From January to May this year, South America's total shipments reached a record 787 million barrels, an 84% increase from about 430 million barrels in the same period in 2021.

Since surpassing Venezuela in 2019, Brazil has been the region's largest exporter, with its export loadings from January to May rising from about 211 million barrels in 2021 to over 361 million barrels, a 71% increase over five years. Guyana, which only began oil exports in 2020, saw its loadings surge from about 17 million barrels to approximately 137 million barrels over the same period, a 700% jump—the highest among all major exporters during this timeframe. Driven by massive investments from companies like ExxonMobil, Guyana's Uaru and Whiptail projects are expected to begin production within the next year. Since the country has no refining capacity, nearly all new crude output will be exported. Combined with further expected growth in Venezuelan exports, South America is well-positioned to continue expanding its market influence, solidifying its role as a key oil supply source outside the Middle East.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com