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Key non-Opec producer Brazil saw output fall to 2.40mn b/d in February, the lowest level in almost three years, a combination of delayed start-ups at key offshore fields and declining output at mature onshore acreage. 2018 output averaged 2.58mn b/d, down from 2017’s record 2.62mn b/d (MEES, 4 January).
The IEA, in its recently released ‘Oil 2019’ medium-term oil market outlook, sees Brazil adding 1.2mn b/d to its oil output over the six years to 2024, the second highest figure globally after the US (+4.1mn b/d), and ahead of number three Iraq with just shy of 1mn b/d. Majors such as Exxon and Total see Brazil’s deepwater ‘pre-salt’ basins as a key focus for upstream investment over the coming years (MEES, 15 February). (CONTINUED - 125 WORDS)