The Western Hemisphere, home to roughly two dozen oil-producing countries and territories, now accounts for about 32% of global crude oil output, with Guyana emerging as one of the region’s fastest-growing contributors.
According to an S&P Global analysis published June 10, the comments were made by U.S. Assistant Secretary of State for Economic, Energy and Business Affairs Caleb Orr during the Energy Imperatives Summit in Washington, where he described the region as a central focus of U.S. energy and security strategy.
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He said crude production in the hemisphere is “growing every year,” pointing to new supply from the Permian Basin, offshore Guyana and Argentine shale.
Brazil is South America’s largest producer, followed by Venezuela and Guyana. The S&P analysis cited Guyana’s rapid offshore expansion, alongside major oil producers in North and South America, as a driver of new global supply growth.
Those comments were echoed by National Energy Dominance Council executive director Jarrod Agen, who told a Politico energy conference the Washington administration was attempting to shift the center of the world’s energy output closer to US shores.
“The global focus on energy has now shifted to the Western Hemisphere…The Western Hemisphere is now the leading driver of energy in the world. What we want is the crude product… coming into US refineries, getting refined, and then exporting to the world,” Agen said.
U.S. oil major ExxonMobil operates the Stabroek Block, where output has climbed to more than 900,000 barrels per day.
Exxon has a 45% interest, while Hess holds a 30% interest and CNOOC holds 25%.
