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Brazil Plans Higher Crude Output

Brazil Plans Higher Crude OutputBrazil Plans Higher Crude Output

Brazil is planning to boost oil production next year, the secretary for oil and natural gas at mines and energy ministry said, despite efforts by OPEC and non-OPEC producers to cut output and ease an excess of oil that weighs on prices. "Brazilian (oil) 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," Marcos Felix said, Sputnik reported. Felix added that Brazilian authorities plan to learn more about the proposals of all the members of a meeting of OPEC experts in Vienna on Saturday before determining their own position. On September 28, OPEC member states agreed on cutting its oil production to 32.5-33 million barrels per day for the whole group, however, no exact limits for each country have been placed. OPEC countries are set to finalize the agreement on oil output freeze at a summit in Vienna on November 30.

 

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