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Brazil may become one of world's largest producers of hydrocarbons

7 April 2024 09:00 (UTC+04:00)
Brazil may become one of world's largest producers of hydrocarbons

By Alimat Aliyeva

Oil production in Brazil in February this year amounted to 148.63 million cubic meters per day, which means an increase of 1.4 percent compared to the same period in 2023, Azernews reports, citing foreign media outlets.

Deposits located in the deep waters of the Atlantic Ocean again accounted for 76.1 percent of Brazil's total production.

However, February marked the third consecutive month of declining oil and gas production in Brazil after reaching a record 4.7 million barrels per day in November 2023.

Brazil, a South American country, has joined the OPEC+ Cooperation Charter since January 2024. However, the country does not yet intend to support the alliance's efforts to reduce oil production. It produces an average of more than 3.5 million barrels of oil per day.

State-owned Petrobras has this time confirmed itself as the largest operator: in February, it produced 88.69 percent of all oil and natural gas in Brazil. The data confirms that Brazil is the eighth largest oil producer in the world, ahead of major oil producing countries such as the United Arab Emirates (3.4 million) and Kuwait (2.7 million).

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