Brazil contributes to global oversupply oil

According to data from the International Energy Agency (IEA), Brazil was a major contributor to excess global supply of oil in the last year, and including, the highest average monthly increase in the world. To get an idea, the Brazilian extraction of the commodity rose on average 27,000 barrels until February this year, while major world producers such as Canada and Russia produced 16:18 thousand, respectively.

This, while Saudi Arabia and Nigeria participating in the agreement of the Organization of Petroleum Exporting Countries (OPEC) reduced its production by 30 to 34 thousand, in that order. Despite leaving a Brazil and a major producer point, this growing was not as positive for the country, as demand shrank an average of 40 thousand barrels per day every month in 2016.

Norbert Ruecker, the bank Julius Baer, ​​told the Valor Econômico newspaper, said this is a picture of a growth scenario of continuity of oil production even in a downturn, which may show that the reduction of the global supply not It is realized so quickly. Already Brian Gibbons of CreditSights debt analysis, believes the global oil market will see Brazil as a major producer, but still has a long truck ahead.