Overall, Latin America contains 13% of the
world's oil reserves and is now the second largest region of
oil production after the Middle East. Latin America supplies
about 30% of the oil consumed by the US, the world´s
largest oil consumer. The largest and most important oil
companies of the region – Pétroleos Mexicanos,
PDVSA and Petrobras – recorded a turnover in 2004 of
more than $180 billion.