Mines and Energy Minister, Bento Albuquerque, announced on Wednesday 23 that Brazil will increase its oil production by 10% this year, or roughly 300 thousand barrels of oil per day. The announcement was made during the annual meeting of energy ministers from the member and associate countries of the International Energy Agency, in Paris. According to the minister, the increase in crude oil production will be Brazil’s contribution to “stabilizing global energy markets”, severely affected by the effects of the war in Ukraine. The price of oil in the international market soared after the sanctions on Russia, which is responsible for 12% of the world production of oil and gas, increasing fuel prices around the world, including in Brazil. The United States is leading an attempt to increase world production to reduce Russian dependence. Today, Brazil is already one of the largest oil producers in the world and about two weeks ago the US government asked the Minister of Mines and Energy to increase domestic production.

Sources: O Globo/União Nacional de Bioenergia (*Translated by Ia Niani)