LatinNews Daily - 31 March 2022

In brief: Brazil’s oil production dips

* Brazil’s Agência Nacional de Petróleo, Gás Natural, e Biocombustíveis (ANP), the federal oil & gas regulator, has released data which shows that the country’s oil production fell in February compared with January. Brazil produced 3.754m barrels of oil equivalent per day (boed) in February, of which 2.917m barrels per day (bpd) was oil and 133m cubic metres per day was natural gas. Oil production was down 3.8% compared with January levels, a dip the ANP attributed to the maintenance of a number of platforms. However, February production levels were up 3.5% year-on-year. Natural gas production was 3.1% below January levels but 1.6% above February 2021 output. Oil production in the deep-water pre-salt basins accounted for 75.7% of national production. Brazil has spoken of increasing its oil production capacity as part of global efforts to stabilise global energy markets in the context of the war between Russia and Ukraine.

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