oil production was fairly flat from 1998 to 2003 but is now picking up
as new output is generated from offshore Brazil and other onshore areas,
albeit partly offset by declines elsewhere. However by 2013 these
increases will be only be just able to offset depletion of the older
areas of Venezuela and Mexico and output is expected to remain flat.
Conversely gas production will continue to grow rapidly from many new
areas both onshore and, especially, offshore.
Oil consumption has been growing and will continue to do
so after a pause in 2009. Meanwhile exports are expanding and will
increase to a peak in around 2013.
Gas consumption will increase rapidly as new sources come onstream. Net
export of gas from the continent is just beginning. This gas is
primarily destined for the USA as LNG (initially from Trinidad). New
piped export routes are also planned into the Caribbean.