The Offshore Boom To Break The OPEC Deal

30 Jun 2017   OPEC

While all eyes are riveted on how much U.S. shale output is undermining OPEC’s production cuts and any oil price gains, other non-OPEC producers are also increasing crude production, and most importantly—exports. Rising supply from non-OPEC countries other than the U.S. adds yet another headache to the cartel as it continues to try (with little success so far) to kill the glut and lift the price of oil. One of those non-OPEC deal producers is Brazil, which is not only growing its production, but is also seeing a surge in crude oil exports. South America’s biggest economy is trying to emerge from a two-year recession—the worst in its history . Falling commodity prices and a series of corruption and political scandals—including a scandal at state oil firm Petrobras—has crippled the economy and undermined investor confidence in the past few years. Brazil’s worst recession on record has led to a […]

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