2023-11-10 03:03:00
“Hoy Brazil has become one of the largest exporters and has stopped buying crude oil. So the door is open,” said the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham al-Ghais, at the Argus European Crude Oil Conference. The country reached its highest level of production in a single month in Septemberwith 4.67 million barrels of oil equivalent per day (boe/d).
As data from the oil regulator ANP showed on Wednesday, Brazil surpassed the previous record set in July. Oil production alone increased 16.7% year-on-year to 3.67 million barrels per day. As for natural gas, it grew by 10.4% to 157.99 million cubic meters per day.
According to consulting firm Wood Mackenzie, Brazil’s private oil companies expected to increase production by 75% by 2030. As for the state-owned Petrobras, it is expected to increase production by 81% within that same period. The firm indicated that it is willing to spend $78 billion from 2022-2026 to boost its production.
Brazil’s rapid rise in the oil industry to become a major exporter makes it an attractive player for OPEC. Likewise, Analysts point out that his lack of membership alerts the groupwhich seeks to take advantage of its reach to “keep oil markets in balance,” as it mentioned repeatedly.
In early January 2020, Brazil’s energy minister Bento Albuquerque refused to join OPEC. «The idea is simply to increase our production and participate more in the international oil and gas market,” he said at the time.
“But this is not a plan for Brazil to join OPEC or any other association or group of oil and gas producers. We don’t want restrictions“We want to increase our production,” he had declared. The benefit of Brazil’s incorporation to OPEC It would add strength to the group and facilitate market control.
The production of hydrocarbons in the sea is much greater than that on land. Offshore wells produced 97.6% of oil and 87.2% of natural gas in September. The fields operated by Petrobras, including those operated in a consortium, represented 89.02% of total production. Those operated exclusively covered 24.4% of national production.
According to the Brazilian Oil and Gas Institute, with data collected in July 2023, Brazil is the ninth largest oil producer in the world and the first in Latin America. The United States, Russia and Saudi Arabia, in order, are the top three. Together, the three nations account for more than 40% of global production.
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