For the fifth consecutive month, the Organization of Petroleum Exporting Countries (OPEC) revised downwards its projection for the supply of the commodity by Brazil in 2019. According to monthly report, domestic production will be 3,480,000 barrels per day (bpd) this year. In the previous document, the forecast was 3,540,000 bpd.
The entity, which is headquartered in Vienna, also cut its projection of oil supply by Brazil in 2020, from 3.9 million from bpd to 3,770,000 from bpd.
In relation to the gross domestic product (GDP) of Brazil, OPEC continues to predict growth of 0.9% this year and 1.7% in the next, as in the previous report.
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