Brazil, Guyana and Argentina support global crude oil growth in 2026

Global crude oil production is forecast to grow by 0.8 million barrels per day (b/d) in 2026, according to projections released by the U.S. Energy Information Administration (EIA). A significant portion of this growth, amounting to 0.4 million b/d, is expected to come from three South American countries: Brazil, Guyana and Argentina. These countries have recently expanded their production capacity, independently of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), whose coordinated supply cuts have so far limited global output increases.