Brazil is in good position in the oil market, and should increase its production of 2,740,000 barrels/day (b/D) in 2017 to 2,890,000 of B/d in 2018, according to the oil market Report Bulletin of the International Energy Agency (IEA, in the acronym in English). The relative weight of the country in this market should also grow on account of the demand, which will go from 3,090,000 of b/d in 2017 to 3,150,000 of B/d in 2018.
The specialists of IEA, which is part of the Organization for Economic Cooperation and Development (OECD), predict for 2018 1 period of great uncertainty and radical changes in commodity trade patterns. Among the factors cited are the negative plan, the deterioration of the situation in Venezuela, one of the major producers and, in the positive plan, the prospect of increased demand for crude oil, due to the growth of the global economy. The two factors may help to ensure that crude oil quotes remain at high levels despite increased production.
The United States is leading the expansion of the oil supply. "In exactly three months, until November (2017), crude oil production increased colossal 846,000 B/D, and surpassed that of Saudi Arabia," according to IEA. Market transformations are so great that, recently, a shipment of condensate from the United States to the United Arab Emirates has been known, something "unbelievable a few years ago".
Based on the growth projections of the International Monetary Fund (IMF), IEA elevated its forecast of oil demand increase by 2018 from 1.3 million b/D to 1.4 million of B/d. In 2017, this increase was 1.6 million of B/d. Prices rose with the help of production cuts from exporting countries, meeting at OPEC. But "spent the moment" of prices of the type Brent oil above the US $70 the barrel, according to IEA. The Brent guy was traded yesterday around $65 a barrel.
Brazil has well-structured companies to operate in the sector, starting with the largest and most important of them, Petrobras, which has been a professional management for about two years. With attractive rules, the country receives more global investors, which already account for 23% of production, according to recent data from the National Agency for Petroleum, Natural Gas and Biofuels (ANP). Source: Estadão.
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