This article provides an in-depth look at the five largest economies in South America and their potential in terms of oil production and reserves.
- Jun 19, 2023, 2:00 PM CDT
Colombia faces decreasing oil production due to a lack of exploration success and political shifts, while Argentina's Vaca Muerta shale formation is driving an increase in petroleum and natural gas production. by 2029. With the exception of Chile, where metal mining reigns supreme, petroleum production is a key driver for the continent’s five largest economies.The Andean country of Peru reported a 2022 gross domestic product of $242 billion, which ranks it as South America’s fifth-largest economy.
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