BRASILIA: Brazil’s oil exports jumped by 94 percent on the year in February, beating the previous record from January, as new offshore production is consistently coming on stream, according to data by the Brazilian trade ministry.
February oil exports stood at 45.7 million barrels, which was 12 percent higher than in January.
The surge in oil exports was a function of higher production from the offshore areas in Brazilian waters, where huge oil finds were made in the pre-salt and sub-salt layers in the past few years.
Brazil – which is not part of the non-OPEC group that signed up to OPEC’s concerted efforts to cut global supply – had said that it planned to increase its oil production in the coming years, even before the cartel decided to commit to cuts.
