Brazilian oil production set a record in 2020, despite the worst crude-market in history. Last year, Brazil produced about 2.938 million barrels a day of crude oil, which represents an increase of 5.5% in relation to 2019, according to data from the National Agency of Petroleum, Natural Gas and Biofuels (ANP). In 2021, Brazilian oil industry is expected to set a new historical record. The year of 2020 was the second consecutive year of production growth in Brazil. The new record comes even after a weaker second half, as the volume of oil has been falling since August. In December, the volume of crude oil declined to 2.726 million barrels a day, a reduction of 1% when compared to November. The decline can be explained by the great number of scheduled shutdowns on platforms in the second half of the year. S&P Global Platts points out that Brazilian production shows the first signs of recovery in the beginning of 2021, however slower than expected. Even so, the company projects a growth of 120 thousand barrels/day in production in Brazil for 2021 and 150,000 barrels/day for 2022, driven by the pre-salt projects.
Source: Valor
*Translated by Ia Niani