The Zhitong Finance App learned that in June of this year, Brazil's crude oil production reached a record high. Supply from oil-producing countries far from the Middle East continues to grow, buffering the impact of the Iran war on the global energy market to a certain extent.
According to data from Brazil's National Petroleum, Gas and Biofuels Administration (ANP), Brazil's crude oil production reached 4.5 million barrels per day in June, an increase of about 19% year over year, and an increase of about 4% over May. Total oil and gas production, including natural gas, reached an average of 5.8 million barrels of oil equivalent per day.
As the military conflict between the US and Iran disrupts shipping in the Strait of Hormuz, crude oil exports from the Middle East region are under pressure. Meanwhile, increased production in Brazil and other oil-producing countries is filling the resulting supply gap. Before the conflict broke out, about one-fifth of the world's oil shipments needed to pass through this critical waterway. The war also completely changed the market's previous expectations for this year's oversupply — the market originally predicted that, with non-OPEC oil producers increasing production, there would be an oversupply in the crude oil market this year.
As the main producer in Latin America's largest economy, Petrobras (Petrobras) played a leading role in increasing production. The company is making every effort to increase oil field extraction and push floating production platforms in deep-sea oil fields such as Búzios to operate beyond design capacity.
According to ANP data, oil field production operated independently by Petrobras or participating in joint operations accounts for about 87% of the country's total production. Among them, the Búzios oil field is the largest crude oil producing area in the country, while the Mero oil field ranks first in natural gas production.
According to ANP's daily production statistics, although the current oil and gas production has declined slightly from the peak in June, the average daily production remains above 5 million barrels of oil equivalent.