Venezuela and Brazil Hold Largest Oil Reserves in Latin America; Brazil Expands Biofuel Production
Venezuela holds the world's largest proven oil reserves at 303.8 billion barrels, while Brazil ranks second with 16.8 billion barrels, bolstered by pre-salt discoveries. In 2025, Brazil's oil production averaged 3.3 million barrels per day, significantly higher than Venezuela's 750,000 barrels per day due to Venezuela's ongoing political and economic issues. Additionally, Brazil is expanding its renewable energy sector by authorizing its first wheat-based ethanol facility, set to produce 45-50 million liters annually by 2027.
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Venezuela possesses the world's largest proven oil reserves at 303.8 billion barrels as of January 2026, while Brazil ranks second with 16.8 billion barrels, due to pre-salt discoveries and ongoing exploration. Brazil's oil production averaged 3.3 million barrels per day in 2025, contrasting with Venezuela's 750,000 barrels per day, largely due to Venezuela's political and economic challenges.
The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) oversees the oil sector, promoting exploration and production. Additionally, Brazil authorized its first wheat-based ethanol facility in Santiago, Rio Grande do Sul, allowing CB Bioenergia to produce 45-50 million liters annually by 2027, with an investment of $18.6 million. This diversification of biofuel sources reflects Brazil's commitment to renewable energy.
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