Oil Set To Be Brazil’S Top Export

(MENAFN- Brazil-Arab News Agency (ANBA)) Rio de Janeiro – The Brazilian Petroleum and Gas Institute (IBP ) reported on Monday (16) that oil is on track to become the top product exported by Brazil for the first time in the historical series that began in 1997.

Brazil exported USD 42.8 billion worth of oil through November, surpassing soybeans and iron ore. According to IBP's estimate, oil exports are expected to reach USD 47 billion by the end of the year. Since 2016, the industry's trade balance has shown a positive net balance.

According to IBP, the production projection for 2025 is 3.6 million barrels of oil per day (bpd) in Brazil. Currently, production stands at 3.4 million barrels.

“This increase in production is the maturation of pre-salt investments, the entry of some pre-salt FPSOs (floating production, storage, and offloading units),” said the president of IBP, Roberto Ardenguy.

E ighth largest producer

Brazil is the worth's eighth largest oil producer and the ninth largest in refining capacity. The oil and gas sector accounts for 17% of Brazil's industrial gross domestic product and provides 45% of the country's internal energy supply. Brazil is also the second-largest producer of biofuels globally.

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Translated by Guilherme Miranda

Supplied/Petrobras

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