Brazil has become the biggest oil producer in Latin America. It is only behind the United States and Canada in the Americas. From 2016 to 2019, Brazilian production increased 11%, while the world average increased 3.3%. A research made by the Institute for Strategic Studies on Oil, Gas and Biofuels (INEEP) shows that Brazil, Canada and Colombia have become key players in the new oil geopolitics. The pre-salt stood out as one of the largest oil reserves in the world. The research also rescues a study by the State University of Rio de Janeiro (UERJ) which projects that pre-salt will contribute to the addition of more than 60 billion barrels of oil, placing Brazil on the list of the ten largest reserves in the world. From outside the Middle East, this reserve is second only to Venezuela, Canada and Russia. Likewise, according to the institute’s research, pre-salt is in the areas with low-cost production, close to Saudi Arabia, Russia and Iraq.
Source: Estadão
*Translated by Ia Niani