Rystad Energy's latest analysis indicates that a sustained $100-per-barrel oil price could unlock up to 2.1 million barrels per day (bpd) of additional crude supply across South America by the mid-2030s. This finding comes as the effective closure of the Strait of Hormuz has forced a sharp upward revision in the forecasted average 2026 oil price, from $60 Brent per barrel in January to $89 per barrel today. At current production levels, government revenues across South America are expected to rise by approximately $43 billion this year alone relative to the base case. Under the current $89 per barrel forecast, Petrobras revenues are set to rise by $13.1 billion versus the January baseline of $60 per barrel. Offshore developments in Brazil, Guyana, and Suriname represent the most immediate source of upside. Fast-tracking projects across these markets could deliver more than 1 million barrels of oil equivalent per day (boepd) of additional production over the next decade, backed by approximately $33 billion in incremental greenfield capex through 2035. In Guyana, ExxonMobil is targeting up to 300,000 bpd from its Yellowtail project, which came online at an initial average production of 250,000 bpd. Rystad believes identical debottlenecking could unlock an additional 80,000 to 90,000 bpd across the Errea Wittu, Jaguar, and Hammerhead fields. Outside those three hubs, Venezuela has re-entered the global supply conversation following the January capture of President Nicolás Maduro and declining availability of medium-to-heavy sour crude from the Middle East. Under a $100-per-barrel scenario, Rystad Energy estimates Venezuela could add 910,000 bpd by 2035, with 57% coming from existing fields in the East and West provinces, where medium crude operating costs run at just $7 to $8 per barrel. ExxonMobil, whose CEO called Venezuela "uninvestable" in January, has since deployed technical teams to assess opportunities. Shell signed preliminary agreements with Venezuelan state player PDVSA in early March covering offshore gas and onshore exploration. All timelines remain contingent on sanctions relief and fiscal reform. Argentina's Vaca Muerta is the region's most dynamic growth story. Crude production is forecast to reach 1 million bpd by the end of the decade, up from current production which is around 600,000 bpd and 1.5 million bpd by 2035 under the standard price strip. In a high case scenario, production could hit 1.8 million bpd, at which point the Vaca Muerta Oil Sur (VMOS) pipeline becomes the binding constraint. China is set to emerge as the primary export destination, with consistent crude shipments beginning in 2027. Radhika Bansal, Senior Vice President, Oil and Gas Research at Rystad Energy, noted that the region offers scale, geologic quality, and relative political stability at exactly the moment that the world is shopping for alternatives. She added that the pace of growth across South America will depend less on resource availability or economics and more on execution capacity, supply-chain constraints, and the broader investment environment. Countries that provide clear fiscal and regulatory frameworks are better positioned to accelerate project sanctions and capture the upside from higher prices. Those that hesitate or are slow to move will simply watch the capital flow elsewhere. Increased participation in underdeveloped fields, particularly through partnerships with PDVSA, would further unlock additional production potential, driven by the presence of companies such as Chevron, Eni, Repsol, and Shell.