• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 26 mins Rioting and Protesting
  • 30 mins Would bashing China solve all the problems of the United States
  • 2 hours WHY was George Floyd Murdered and Why Publicly
  • 8 hours Pompeo's Hong Kong
  • 13 hours Iran's first oil tanker has arrived near Venezuela
  • 5 hours Build Back Better is the Latest Globalist Plot
  • 6 hours Thugs in Trumpistan
  • 7 hours Model 3 cheaper to buy than BMW 3 series.
  • 5 hours Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 6 hours So the President is on that Hydroxy
  • 9 hours Obamagate Is Not a Conspiracy Theory
  • 11 hours Michael Moore's Controversial "Planet of the Humans" Movie
  • 16 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
The Shale Bust Has Arrived

The Shale Bust Has Arrived

As shale drilling comes to…

Brazil’s Crude Oil Exports Sets Yet Another Record

Brazil’s oil exports jumped by 94 percent on the year in February, beating the previous record from January, as new offshore production is consistently coming on stream, according to data by the Brazilian trade ministry.

February oil exports stood at 45.7 million barrels, which was 12 percent higher than in January, Reuters reported, citing the government figures.

The surge in oil exports was a function of higher production from the offshore areas in Brazilian waters, where huge oil finds were made in the pre-salt and sub-salt layers in the past few years.

Brazil – which is not part of the non-OPEC group that signed up to OPEC’s concerted efforts to cut global supply – had said that it planned to increase its oil production in the coming years, even before the cartel decided to commit to cuts.

And Brazil is apparently sticking to its plans.

In addition, according to Reuters Trade Flows data, Petrobras and other oil producers operating in Brazil – Shell, Repsol, Petrogal and PetroChina – are trying more aggressively to take more export market share in the markets of the U.S. East Coast, in Asia, and in Spain.

The International Energy Agency (IEA) said in its February Oil Market Report that it expected the non-OPEC countries outside the output deal Brazil, Canada and the U.S. to significantly increase production this year, by a combined 750,000 bpd.

Related: Saudis Cut Light Crude Prices To Asia To Keep Market Share

Non-OPEC output growth this year would be mainly in the Americas, the IEA said, with higher prices spurring investments in U.S. light tight oil and long lead-time projects coming online in Brazil and Canada.

Brazil is also expected to be one of the leaders of the cautious recovery of the E&P sector this year. Energy consultancy Wood Mackenzie said in January in its global upstream outlook for 2017 that Brazil’s pre-salt, together with the Permian Basin in the U.S., would be the hot oil plays for development this year, with both areas having materiality and one of the lowest development breakevens worldwide.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News