South America’s Oil Exports Rose 155 Million Barrels in Early 2026, Overtaking U.S. Growth After Venezuela’s Rebound
South American producers outpaced the United States in new oil shipments from January through May 2026. The increase stems from higher output in Brazil, Guyana, and Venezuela amid reduced Middle East flows.
foxbusiness.comSouth America added 155 million barrels of oil exports from January through May 2026 compared with the same period a year earlier, according to data compiled by Kpler and cited by Reuters columnist Gavin Maguire. The United States added 112 million barrels over the same interval. South America therefore became the largest source of new oil exports in 2026 through May.
Venezuela’s oil exports reached a seven-year high in the past two months as of June 2026. S. capture of Nicolas Maduro in early 2026.
U.S. sanctions were imposed in 2019. Brazil has started production at several new offshore platforms in the Santos pre-salt fields over the past five years.
Its oil exports have surged since 2021 and increased further since March 2026. Brazilian shipments to China doubled during the period, lifting Brazil’s share of total Chinese crude imports from around 10 percent in January 2026 to about 18 percent in April. 43 million barrels per day of Brazilian crude in April 2026, the highest monthly reading on record.
Exports slowed in May as Petrobras sought to boost local refining volumes. Guyana has continuously increased overseas shipments as the Exxon-led consortium starts up developments at fields in the offshore Stabroek block. More than 11 billion barrels of oil equivalent have been found there over the past decade.
Crude output has declined in Colombia, Ecuador, and Peru. South America nevertheless topped North America as the biggest contributor to the rise in global oil supply in 2026 through May. Buyers are seeking Atlantic Basin crude supplies from Brazil and Guyana that avoid the Strait of Hormuz.
The Hormuz disruption boosted demand for Atlantic Basin crude after about 675 million barrels of oil from the Middle East never made it to buyers in 2026 so far. The world has lost more than 1 billion barrels of oil supply since the beginning of the Iran war, according to Kpler estimates.
