The Organisation of the Petroleum Exporting Countries (OPEC) estimates that by 2015, the oil refining capacity of Latin America will increase from its current level of 6.61 million barrels per day (b/d) to 7.4 million b/d.
According to its World Oil Outlook report, the likely increase in capacity is owing to both the increase in the supply of oil and in local demand for the commodity. However, OPEC expects that in Latin America, the rise in supply of oil will be much faster than the rise in demand, with supply expected to increase by 800,000 b/d and demand by 300,000 b/d.
By 2013 it is expected that Brazil will have upped its production levels by 260,000 b/d, with this increase largely owing to the increased capacity of state-run Petrobras. This figure is expected to increase by a further 900,000 b/d in 2017, when two of Petrobras's large-scale projects are scheduled to be completed. Outside of Brazil, there are a further 12 oil production-related projects under way in Latin America, in countries including Colombia, Argentina, Peru, Guyana, Ecuador and Venezuela.