Western Hemisphere oil output surpasses pre-crisis Middle East levels
6 reported
According to a report by Daniel Yergin in the Wall Street Journal, the Western Hemisphere now produces more oil than the Middle East did before the crisis. Canada is identified as the world’s fourth-largest oil producer. Brazil produces four times as much oil as Venezuela, and in Guyana, where production began only seven years ago, output almost equals Venezuela’s. In Argentina’s Vaca Muerta region, shale oil production has grown sixfold since 2020. The article states that the current disruption will propel more oil and gas investment in the Western Hemisphere and Africa.
What’s reported
The Western Hemisphere now produces more oil than the Middle East did before the crisis.
Canada is the world’s fourth-largest oil producer.
Brazil produces four times as much oil as Venezuela.
Guyana’s oil output, which began seven years ago, almost equals Venezuela’s.
Shale oil production in Argentina’s Vaca Muerta region has grown sixfold since 2020.
The current disruption is expected to drive more oil and gas investment in the Western Hemisphere and Africa.
Key figures
Daniel Yergin (author cited in the Wall Street Journal)
Sources: marginalrevolution.com
