“In 2030, when we reach production of 5.3 million barrels of oil per day, Brazil will become the fifth largest exporter in the world,” Albuquerque told the Rio Times.
Brazil’s crude production (including production of liquid hydrocarbons) currently stands at 3.3 million barrels per day (bpd). At the moment, Brazil is in the top 10 world producers. The biggest factor in the growth in production is the development of reserves in the pre-salt layer on the country’s shelf. These reserves have undergone growth in recent years.
Brazil is not a participant in the OPEC+ scheme, but is nonetheless a major contributor to oil supply on world markets. According to data from Brazilian regulator ANP, oil production in the country rose by 5.7 % in 2020 to reach, on average, 2.9 million barrels a day. Exports soared by 17 % to a record 1.4 million bpd.
Brazil has every chance to achieve its aim: the vast oil resources discovered in the pre-salt layer will enable it to boost both production and export. The deposits, however, are located at a considerable depth and require serious investments,
The largest share of Brazilian exports are sent to China. According to analysts, by 2040, Brazil could provide up to a quarter of all growth in production world-wide.