Production across the Americas is forecast to reach 63 million barrels of oil equivalent per day (mmboe/d) by 2031, a 7% increase from 2024, according to Westwood Global Energy Group’s June Wells & Production Outlook – Americas.
However, the consultancy noted that the outlook represents a 2% downward revision from its November forecast, citing sanctioning delays to floating production, storage, and offloading (FPSO) vessel tenders offshore Brazil as the main factor.
Westwood said the United States will remain the dominant producer in the region, accounting for 63% of total output between 2025 and 2031. It added that while production is expected to stay robust, crude volumes may reach their peak as early as 2026.
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In Brazil, offshore liquids production is projected to grow 28% from 2024 levels, reaching 4.3 million barrels per day by 2031. But Westwood cautioned that delays in key FPSO tenders from Petrobras have led to a 10% downward revision in expectations for the end of the period.
Argentina also continues to demonstrate growth momentum, driven largely by rising activity in the Vaca Muerta shale play.
Guyana, meanwhile, is accelerating its rise as one of the hemisphere’s fastest-growing offshore producers. Westwood pointed out that ExxonMobil, which leads development in the Stabroek Block, already has four FPSOs in operation.
This pipeline of projects underpins a steep upward trajectory for Guyana’s production profile, making it a key driver of regional supply growth.
The consultancy’s outlook comes as Guyana’s oil sector continues its rapid ascent. Production has climbed to around 660,000 barrels per day in mid-2025, up sharply from 391,000 barrels per day in 2023.
ExxonMobil and its partners have outlined plans to boost output capacity to 1.7 million barrels of oil equivalent per day by 2030 through the deployment of eight FPSOs across the Block, supported by recent start-ups and new projects under development.
Independent analysts have also reinforced the scale of this growth, with Rystad Energy projecting that Guyana will be among the world’s top 10 non-OPEC producers by 2031, pumping roughly 1.3 million barrels per day, thereby surpassing Mexico.
