South America Leads Global Crude Oil Supply Growth

South America is a key source for growth in the world’s crude oil supply as production in other regions is stagnating. Brazil, Guyana and Argentina are among the fastest-growing countries in terms of crude supply growth, and Venezuela has also seen a good recovery in recent months. The latest data shows Brazil’s crude and condensate output climbed 7% from April to June, halting a five-month declining trend. Guyana’s rapid output growth slowed in the third quarter as key assets underwent maintenance, while shale oil production…