Brazil Could Provide A Quarter Of The World’s Offshore Oil In 4 Years

As Brazil’s oil industry looks set to soar over the next decade, with the potential to provide almost a quarter of the world’s offshore oil by 2025, Big Oil is betting big on the oil-rich state.

Unlike the rest of the world, which reined in oil production in 2020 as demand stagnated in the wake of a global pandemic, Brazil actually increased its output. These sustained levels of production put it on route to double its output by 2030, making it the world’s fifth-largest exporter, a target that appears realistic thanks to its low cost-oil giving the country a competitive advantage over many OPEC+ states.


Via Yahoo Finance


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