After a poor 2024, Brazilian oil output is now booming, with facilities opening *ahead of schedule*. The timing couldn't be worse for OPEC+. The cartel has long courted the Latin American giant, but Brazil remains a free-rider.
"With friends like Brazil, OPEC+ doesn’t need any enemies. The Latin American nation will add about 450,000 barrels a day of extra production in 2025 and 2026, equal to about a quarter of incremental demand during the period. The increase nearly matches the record 490,000 barrels a day it added in the 2022-2023 period. With a bit of luck, Brazil may even post its fastest growth period ever."
"Brazilian monthly oil output will surpass the record high set in late 2023 at some point this summer, likely in August or September. By the middle of 2026, the country’s output is likely to top the 4 million barrels a day mark for the first time. At that level, it would rival every OPEC+ member other than Saudi Arabia, Russia and Iraq. Perhaps the cartel wasn’t trying to lure Brazil into its orbit but was following the old axiom of war: Keep your friends close and your enemies closer."
linkedin.com
OPEC+ seems not know that Lula is a lier |
