Brazil's fuel and energy sector has achieved a milestone by surpassing a production level of 4.4 million barrels per day (bpd) in oil equivalent for the first time. This marks a significant increase compared to the previous record set the year before last, which was 11% lower. As Brazil prepares to join OPEC+, questions arise about the potential impact on the global oil market.

According to the country's national oil agency, Brazilian production reached a record high of 4.4 million barrels of oil equivalent per day (boe/s), surpassing the previous record set in 2022 at 3.9 million boe/s. Notably, both oil and gas production volumes reached record highs, with oil production at 3.4 million bpd and gas production at 150 million cubic meters per day.

The achievement is largely attributed to the largest offshore field, Lula (formerly Tupi), which made a substantial contribution to the record levels of oil production.




These production milestones come amidst Brazil's announcement of its intention to join OPEC+. However, this decision has sparked controversy domestically. While the country's Energy Minister, Aleshandri Silveira, expressed support for joining the OPEC+ deal, the head of the state-owned Petrobras, Jean-Paul Prates, opposed the idea, citing concerns about production restrictions imposed by the organization.

#brazil