Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Brazil has been touted by the IEA and other analysts as likely to provide a key boost to this year’s non-Opec crude output. But with data in for the first seven months of 2018, the country’s output, at 2.58mn b/d, is actually down on the 2017 average of 2.62mn b/d (and 2.63mn b/d for January-July 2017). With the latest data showing 2.58mn b/d for July, there is little sign of an uptick.
At the start of 2018 the IEA was projecting that Brazil output would grow by 170,000 b/d this year ( MEES, 2 February ), but extended maintenance outages and steeper than expected decline at producing fields have led it to a series of downgrades. It now projects growth of just 50,000 b/d to 2.79mn b/d for 2018, and even this is based on factoring in a July estimate of 2.78mn b/d, some 200,000 b/d above the actual figure.
DON'T HAVE AN ACCOUNT?
NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?
By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.UPGRADE