Brazil announces 10% increase in oil production to help stabilize prices

Brazil will increase oil production by about 10% in a move to try to help stabilize the international oil market. The information was given by the Minister of Mines and Energy, Bento Albuquerque, at a ministerial meeting of the International Energy Agency (IEA), in Paris.

To the other ministers, the Brazilian informed that the country should increase production by around 300,000 barrels of oil per day. In January, according to data from the National Petroleum Agency (ANP), the country produced an average of 3.032 million barrels a day. In January, Brazilian production totaled 94 million barrels.

At the meeting, Bento Albuquerque defended that the energy transition to a cleaner matrix – with less fossil and more renewable fuels – “must go hand in hand with energy security”. The war in Ukraine and the resulting spike in oil prices reaffirmed the planet’s dependence on fossil – and polluting – sources of energy.

According to the IEA, Brazil ended 2021 as the seventh largest oil producer in the world, with an average close to 3 million barrels a day. The ranking is led by the United States, with around 16.6 million barrels a day, followed by Russia, Saudi Arabia, Canada, China and Iraq. Thanks to the pre-salt layer, Brazil is the largest producer in Latin America, ahead of Mexico and Venezuela – traditional producers in the region.

The Minister of Mines and Energy participates in the opening of the Ministerial Meeting of the International Energy Agency, in Paris, and emphasizes that “the energy transition must go hand in hand with energy security”.@IEA @fbirol #energy #energetic transition #MM #Brazil pic.twitter.com/HzT2NfN8Fr

— Ministry of Mines and Energy 🇺🇸 (@Minas_Energia) March 23, 2022