Final answer:
Mexico and Venezuela option (1) are the Latin American countries among the world's top oil producers, with Venezuela primarily relying on oil exports for revenue and Mexico having a significant history of oil production and supply to the U.S.
Step-by-step explanation:
The Latin American countries that are among the top oil producers in the world are Mexico and Venezuela. Venezuela depends primarily on oil exports for its national wealth, and it is known that as much as 90 percent of the country's export earnings come from the sale of oil.
The national oil company of Venezuela, CITGO, has a significant presence in the US gas station market. Additionally, Venezuela was one of the founding members of OPEC. Mexico, on the other hand, has had a history of supplying oil to the United States, especially noticeable in the 1920s and the nationalization of its oil industry in 1938.
When compared with other countries listed, such as Bolivia, which mainly exports natural gas, and Colombia, where oil is now the number one legal export, Mexico and Venezuela are the most substantial oil producers. Colombia also plays a major role in oil exports but is not typically in the top ranks alongside the likes of Venezuela.
It is worth noting that other Latin American countries such as Brazil and Argentina also have oil production, but they are not the leading producers when compared to Mexico and Venezuela.