The oil production of South America and Trinidad again increased during 1957, and amounted to nearly 1,170,000,000 bbls. (3,204,357 b/d) of which nearly 87% came from Venezuela. However, Venezuela's production which was built up rapidly to a peak of 2,975,000 b/d in June was cut back to 2,500,000 b/d by the end of the year. Trinidad production increased by 18% over 1956 and, with an average of 93,324 b/d, became the third largest producer in South America and the Caribbean. Argentina increased production by nearly 10% to 93,018 b/d. Brazilian production increased from 11,100 b/d in 1956 to nearly 28,000 b/d and exploration and development continue actively.

Elsewhere in the Caribbean Islands and Central America, oil production remained small (1,082 b/d from Cuba), but there was considerable exploratory activity.

A total of 3,074 wells, 1,739 of them in Venezuela, were drilled in 1957, compared with 2,606 wells in 1956. Both exploration and development drilling contributed to the high level of activity, which had fallen off appreciably by the end of the year. Nearly 350 exploratory wells, 39% of which found new oil accumulations, were drilled during the year.

New oil concessions were granted during 1957 in Venezuela, Bolivia, Colombia, Guatemala, Nicaragua, and Honduras.