Latin America in the global battle for oil

Over the past two decades, there has been a significant backlog of strategically important oil industry in the most Latin American States in comparison with the dynamics of global indicators. Latin America one after another lost positions in the international struggle for markets of "black gold". In the case of Venezuela, the fall of production of crude oil and petroleum products has become dramatic, and the country found itself in the epicenter of external financial and political pressing. This situation dictates the need to overcome the crisis, to increase the efficiency of the oil industry, strengthen the role of the region in the global competition for oil. To accomplish this, each of the States of Latin America goes his own way. In particular, Argentina relies on mining of "Dead cow" – a large resource of shale oil, Brazil expands pre-salt oil reserves operation on the continental shelf, Venezuela seeks to reduce dependence on the U.S. market and diversify export directions, while Mexico facilitated participation of foreign companies in the oil business at its territory. All these facts form the basic story that outlines the next phase in the development of the Latin American petroleum industry.

Keywords

Latin America, oil, global competition, regional characteristics, national strategies for the development of the oil industry

Received

11.11.2019

Publication date

18.11.2019

Number of characters

36421

Cite

GOST	Yakovlev P. Latin America in the global battle for oil // Latin America – 2019. – Issue 12 C. 6-21 [Electronic resource]. URL: https://latamerica-journal.ru/S0044748X0007337-9-1 (circulation date: 23.04.2024). DOI: 10.31857/S0044748X0007337-9
MLA	Yakovlev, Petr P "Latin America in the global battle for oil." Latin America 12 (2019):6-21. DOI: 10.31857/S0044748X0007337-9
APA	Yakovlev P. (2019). Latin America in the global battle for oil. Latin America (12), pp.6-21 DOI: 10.31857/S0044748X0007337-9

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