Latin America Oil & Gas Q2 2019
Upstream oil production will struggle in the coming years, with deepwater developments in Brazil offset by continueddeclines in the region's other major heavyweights, Mexico and Venezuela. Vast resources underground should support growth inthe longer term, but political risks loom large. The outlook on gas is brighter, supported by broad-based regional growth. However,additional production will be insufficient to meet rising regional demand. We also forecasting a shrinking surplus in the regional fuelsmarket, as governments divert resources upstream, away from the refining sector.
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