Venezuela’s Return Won’t Dethrone Latin America’s Oil Leaders

Argentina, Guyana, and Brazil are poised to lead Latin American oil production growth in 2026, even though the possible return of Venezuelan barrels poses questions for the region’s long-term capital expenditure strategy. While the supermajors continue to flag Venezuela as difficult to underwrite on a long-term basis, traders and players like Trafigura and Hillcorp are increasingly drawn to near-term, structured opportunities in the country, signaling a possible rebalancing of portfolios. Although legal uncertainties persist and institutional…