Brazil's June Oil Production Hits Record High, Providing a Buffer for Global Crude Supply

Odaily News: According to foreign media reports, Brazil's oil production hit a record high in June as increased supply from producers far from the Middle East eased concerns over supply disruptions caused by the Iran conflict. Data from Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP) shows that Brazil's crude output in June rose approximately 19% year-on-year to 4.5 million barrels per day, up about 4% from May. Total oil and natural gas production reached 5.8 million barrels of oil equivalent per day. Growing output from Brazil and other producer nations has helped fill the gap left by reduced exports from the Middle East. Brazil's state-controlled enterprise, Petroleo Brasileiro (Petrobras), has taken the lead in boosting production. The company is working to extract as much crude as possible from its fields and is pushing offshore platform output at Búzios and other deepwater fields beyond design capacity. According to ANP data, fields operated by Petrobras account for approximately 87% of Brazil's total oil production. (Jinshi Data)