Brazil To Boost Oil Output, Regardless Of OPEC’s Deal

2 Nov 2016   Brazil

The chances of success for any concerted effort to curb global oil supply are getting slimmer by the day, it seems. OPEC members are arguing among themselves who will need to cut how much; Iran and Iraq both want to be excused from the party for reasons of market share necessity; and Russia – the world’s top non-OPEC producer – is turning vague remarks into an art form. Then there’s Brazil, whose Oil and Gas Secretary this weekend delivered yet another blow to the cartel that once held the reins to the global oil price trends. Over the week, Marcio Felix told media in Vienna that “Yes, the Brazilian production is increasing… I do not have the exact figures, but the production in Brazil will grow in the next few years, we have such plans.” Felix attended a meeting between OPEC and a number of non-OPEC producers, […]

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