Lates News

According to foreign media reports, as producers from outside the Middle East increase supply, the impact of the supply disruptions caused by the Iran conflict has eased, leading Brazil's oil output to hit a record high in June. Data from Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP) shows that Brazil's crude oil production in June increased by approximately 19% year-on-year, reaching 4.5 million barrels per day, an increase of about 4% compared to May. The total oil and gas production reached 5.8 million barrels of oil equivalent per day. The increasing output from Brazil and other producing countries is helping to fill the gap left by reduced exports from the Middle East. Brazil's state-controlled company, Petrobras, is among the first to increase production. The company is striving to extract as much crude oil as possible from its fields and to push the output of offshore platforms in Bzios and other deepwater oil fields beyond their designed capacity. According to ANP data, the oil fields operated by Petrobras account for approximately 87% of Brazil's total oil production.