Brazil pledges to increase oil production by 10 percent

oil production
Photo: Joa Souza/Shutterstock

Mines and Energy Minister Bento Albuquerque announced on Wednesday that Brazil will increase oil production by 10 percent — or roughly 300 extra barrels a day. 

Speaking at an International Energy Agency (IEA) ministerial meeting in Paris, Mr. Albuquerque said that increased production will be Brazil’s contribution to “stabilizing global energy markets” seriously affected by the war in Ukraine. 

“This is the result of regulatory advances, modernization of the Brazilian energy market, and consistent investments made in the pre-salt [oil reserves],” explained the minister.

According to data from the National Petroleum Agency (ANP), Brazil produced an average of 3 million barrels a day in January, totaling 94 million barrels. Per the IEA, that makes Brazil the world’s seventh-largest oil producer.

Fears of tightening global oil supplies due to sanctions imposed on Russia are increasing the price of a barrel of Brent oil this Wednesday. At 2:30 pm, the barrel was once again trading above USD 120.