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SUPPLY
South American
oil production is increasing after small declines from 1998 to 2003 as
Venezuela struggled to maintain output. The increases are coming from
the deep waters of Brazil and from NGLs associated with new gas
developments onshore as well as new heavy oil developments in western
and northern countries. Total oil production is forecast to keep growing
until the 2020s as Brazil maintains its successful development program
in deep waters.
Gas production is rising rapidly from new onshore regions, including
Bolivia and Peru, and will continue to rise as new offshore regions in
Brazil and, eventually, Venezuela are added.
DEMAND
Both oil and gas consumption are increasing as new
sources allow countries to grow and enhance their gas infrastructure
although in the short term supplies can be difficult to access for some
countries.
Regional oil exports are rising rapidly but will flatten off after 2013.
Significant new gas exports will also begin soon and will increase every
year once new LNG trains start delivering gas to the USA.
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