OPEC report shows a drop in oil production in Brazil, but the projection is for growth

The Organization of the Petroleum Exporting Countries (OPEC) says Brazil’s oil production fell by 147,000 barrels per day (bpd) in March compared to February, to an average of 3.1 million bpd.

The cartel says in its monthly report that it expects the country’s production to grow, with increased output in some fields, but also comments that maintenance on offshore platforms should cause “some interruptions in large fields.”

Brazil is mentioned as one of the main players to drive growth in the supply of liquid fuels in 2022, alongside the US, Russia, Canada, Guyana, and China.

The biggest setbacks, on the other hand, were seen in Norway and Thailand, the report points out.

Brazil should continue to support the supply of these fuels in 2023, says the group, while Russia should see a decline.

OPEC also projects that Brazil’s capital expenditure for oil and gas exploration will grow 15% in 2023 compared to the previous year.

ECONOMIC GROWTH

In addition, the report says that OPEC has maintained production for Brazil’s economic growth in 2023 at 1.0%, decelerating after the previous year’s 2.9% advance.

The document says that high interest rates and inflation should cause deceleration, with “limited” fiscal space for domestic investments.

With information from Estadão Conteúdo

News Brazil, English news Brazil, Brazi’s oil production, OPEC