Next OPEC Headache Is Brazil’s Burgeoning Crude Production
When the giant P-67 floating oil production vessel lit its flare tower earlier this month, it marked the start of a Brazilian supply boom that’s poised to challenge OPEC’s efforts to balance the global market.
The mammoth facility — long and wide enough to fit an American football field — is the first of four similar platforms to begin pumping crude this year, lifting Brazilian output by roughly 365,000 barrels a day, its largest annual increase in at least 20 years, International Energy Agency estimates show. A second platform, P-76, has also started production, according to a regulatory filing Wednesday.
By Sabrina Valle and Javier Blas via Bloomberg