Oil Production in Brazil Reaches Historical Maximum

Brazil's oil production reached a record high in June. The growth in production is helping to partially offset losses on the global market caused by disruptions in oil supplies from the Middle East.

According to data from Brazil's National Agency of Petroleum, Natural Gas and Biofuels, crude oil production increased by 19% compared to the same period of the previous year, reaching 4.5 million barrels per day.

Total oil and natural gas production reached 5.8 million barrels per day. The main contribution to this figure comes from state-owned company Petrobras, which accounts for 87% of the country's oil production. The company is expanding production in deep-water fields, including the Buzios field, which ranks first in Brazil by volume of oil produced.

Following June's record, production declined slightly, though total daily oil and natural gas volumes remain above 5 million barrels.

Source: Investing.com