Brazil becomes the 9th largest oil producer in the world

With an average production of 3.2 million barrels of oil per day, Brazil rose to the ninth rank of the world's largest oil and gas producers, according to the International Energy Agency (EIA), based on the 2017 data. With leverage, Brazil passed Kuwait, which is a member of OPEC and produces the equivalent of 3.1 million barrels.

According to José Mauro Coelho, director of petroleum, Gas and biofuels studies of the energy research firm (EPE) This number should continue to grow significantly in the coming years. The expectation is that up to 2026 the country's production reaches 5.2 million barrels per day, twice what was produced in 2016.

But with the lack of investment in refineries in Brazil, the country will eventually become one of the world's top five oil importers. What has a good and bad side. If on the one hand, Brazil will be able to increase the external sale, on the other, reduce the national production of oil refining.

Without enlarging the refining capacity there will be crude oil to export, and the country has to import higher volume of derivatives. Without investment the situation of selling cheap oil and buying expensive derivative may last.

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