Brazil intends to boost oil production by 300,000 barrels per day or 10% by the end of the year, the Brazilian Ministry of Mines and Energy said, citing its chief Bento Costa Lima Albuquerque
MEXICO CITY (Pakistan Point News / Sputnik - 24th March, 2022) Brazil intends to boost oil production by 300,000 barrels per day or 10% by the end of the year, the Brazilian Ministry of Mines and Energy said, citing its chief Bento Costa Lima Albuquerque.
"Bento Albuquerque said that Brazil will increase oil production by 300,000 barrels per day accounting for 10% of national production. It is Brazil's important contribution to stabilize global energy markets," the country's energy ministry said following the meeting of the International Energy Agency in Paris on Wednesday evening.
On Wednesday, crude prices settled at a two-week high of above $120 a barrel after US government data showed weekly consumption of oil at far beyond market estimates, while major producer Russia continued to report outages on the Caspian pipeline that played on the nerves of traders.
Earlier this week, Russia's Energy Minister Alexander Novak reiterated the caution that oil supplies by the Caspian Pipeline Consortium, which ships around 1.2 million barrels per day, may be completely stopped for up to two months due to storm-damaged berths on the Black Sea terminal. Global crude supply is down by some 3 million barrels per day due to Western sanctions applied on Moscow for its military operation in Ukraine.
