World oil market: the role of Latin American countries

Abstract

Latin America has a special role in the history of the world oil industry. The production of “black gold” began in the region in the 19th century and for a long time Latin American republics such as Mexico and Venezuela were among the leading oil-producing and exporting countries in the world. In recent decades, Latin America’s oil industry has experienced severe crisis shocks, reducing its role in global liquid hydrocarbon markets. The current challenge is to give new impetus to the development of the regional oil industry, to increase production and exports. Characteristically, the leading countries of the region, based on national capabilities, adopted various models of the oil industry development.