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Brazil’s Recovering Production to Frustrate OPEC+ Plans

OIL

Brazil’s oil production has started to recovery following a fall earlier in the year when many offshore plants underwent repairs and maintenance, according to OilPrice.com

  • After a 25% collapse in Brazil’s output at the beginning of the year to 3.73m b/d, platforms are returning from maintenance and now producing more oil.
  • In Q2, Brazil’s liquids production averaged 4.1m b/d but is set to hit 4.4m b/d in Q3.
  • Earlier-than-expected starts to some projects are also set to help Brazil recover its oil output later in 2024.
  • Rebounding Brazilian crude and liquids production is set to frustrate OPEC+ policies to control supply.
  • OPEC+ is set to begin easing supply curbs in Q4, the same time that Brazil’s oil production levels will have fully recovered.
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