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Hormuz Crisis Reshapes Energy Map
The Gulf of Hormuz crisis and the slowdown in oil tanker traffic through it have reshaped the global energy landscape. Importing countries are now seeking alternative sources of supply, with a focus on Latin America, which possesses increasing reserves and production capabilities. Brazil expects its production to reach around 5 million barrels per day by 2030. Guyana is experiencing rapid growth in oil output through significant offshore discoveries, while Argentina is aiming to develop its oil and shale gas fields to achieve production exceeding one million barrels per day by 2026. Nonetheless, the Hormuz crisis negatively impacts importing countries by driving up energy prices, highlighting the importance of oil sources distant from conflict zones and increasing Latin America's role in global energy security.
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