Brazil does not accept to participate in oil production cuts

The Secretary of oil and gas of the Ministry of mines and energy, Márcio Felix, said that Brazil has been probed by foreign countries, including Saudi Arabia, to participate in oil production cuts agreed between OPEC members and other producers. However, Felix said that legislation and the Brazilian market positioning prevent the participation of the country in Opec, especially, because the intention is to increase production to attract more investment.

According to Felix, producers are concerned with the production of Brazil, since the agreement between the cartel seeks to restrict the extraction in 1.8 million barrels per day (bpd) until March 2018 in order to enhance the commodity. While in Brazil, current leader in Latin America's oil production, extraction rose 3 percent in September, increasing for 2,650,000 barrels per day, before August. And according to the PNA, to 2027 brazilian production could double to more than 5 million bpd.

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