OPEC cuts oil supply projection in 2021

The Organization of Petroleum Exporting Countries (OPEC) has lowered its projections for oil production in Brazil in 2020 and this year. The data are from the monthly report of the Organization, published on Thursday (14).

OPEC changed its estimate for oil supply in 2020 in Brazil from 3.71 million barrels per day (bpd) to 3.69 million bpd. Compared to 2021, the forecast went from 3.89 million bpd to 3.86 million bpd. Also according to OPEC, crude oil production in Brazil fell to an average of 2.76 million bpd in November last year. One of the main reasons for the fall was the planned maintenance of the Tupi and Buzios fields.

"Oil production reached 3.09 mb/d in August 2020, but began to fall in September and subsequent months and probably continued into December. Not only for maintenance, but also for safety measures related to covid-19 that led to the postponement of scheduled works from the fourth quarter of 2020 to the beginning of 2021, according to Petrobras," OPEC said in an excerpt of its monthly report.

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