Brazil’s Oil Production Hits Record High

Oil

Brazil’s average oil production jumped 20% year-on-year in January to a record 3.17M b/d, reported Reuters, citing oil regulator ANP data. The country’s crude production topped 3M b/d for the first time in November 2019. Full 2019 output exceeded 1Bn bbls, the first time annual production has hit the 1Bn bbls mark, with output up 7.8% year-on-year. The strong output has come on the back of the continued ramp up of output at eight new FPSO’s.