OPEC: oil production drops in Brazil; projection is for growth

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

In the monthly report published this Thursday (11), OPEC points to expectations of growth in Brazilian production, with an increase in some fields. However, he points out that exploitation on platforms offshore (offshore drilling structure) is expected to cause some disruptions.

The document cites Brazil as one of the main drivers of liquid fuel supply in 2022, alongside the United States, Russia, Canada, Guyana and China. The biggest drops in production were recorded in Norway and Thailand.

In relation to this year, OPEC assesses capital investment for exploration of Brazilian oil and gas should increase by 15% compared to 2022.

GDP

In the report, OPEC maintains growth of 2.6% in the global Gross Domestic Product (GDP) in 2023, as well as estimates for the United States, at 1.2%; and the euro zone, by 0.8%. With regard to China, the projection is higher, at 5.2% in 2023.

According to the document, Brazil’s economy is expected to grow 1% in 2023, with a decline after the advance of 2.9% in the previous year. “High interest rates and inflation should cause a slowdown in growth, with limited fiscal space for domestic investments in Brazil”, assesses OPEC.