LatinNews Daily - 24 March 2022

In brief: Brazil to increase oil output

* Brazil’s minister for mines & energy, Bento Albuquerque, has said that Brazil will increase its oil output by 300,000 barrels of oil per day (bpd), equivalent to around 10% of current national production, as part of efforts to stabilise global energy markets following the instability and oil price spikes caused by the war between Russia and Ukraine. Albuquerque said that this increase in oil production will be possible thanks to “regulatory advances, the modernisation of the Brazilian energy market, and consistent investments in the pre-salt [deep water oil fields]”. Albuquerque’s announcement, made at the ministerial meeting of the International Energy Agency (IEA) in Paris, France, follows reports from earlier in March that the US had approached Brazil to request that it up its oil output to help guarantee global supplies in the context of the war.

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