The Brazilian government assured the United States that it will increase its oil production, a decision that could help ease concerns about the global supply of crude oil, reduced after the start of the war in Ukraine.
The Brazilian Minister of Mines and Energy, Bento Albuquerque, responded last Thursday to a request from the US energy secretary, Jennifer Granholm, who told him, during a videoconference, the importance of Brazil being able to expand its oil production.
“(Granholm) asked me if Brazil could be part of that effort (produce more crude), and I said 'of course it can'. We are already increasing production, while most OECD countries have reduced it. We increased our production over the past three years,” Albuquerque said in a note sent by the ministry to AFP on Monday.
During the conversation, the US official explained to the minister of Jair Bolsonaro about the efforts being made by other countries to try to avoid further volatility in the price of a barrel of oil.
The Ministry of Mines and Energy did not specify how much Brazil intends to increase its production.
Latin America's largest economy is among the ten largest oil producers in the world and produces approximately 3 million barrels per day.
After reaching a price of about $140 on March 7, reaching its all-time high, Brent's barrel closed lower on Monday at $106.90, with the market on the lookout for any possible diplomatic advances in the Ukrainian conflict. However, crude oil continues to rise by 36% since the beginning of the year.
Joe Biden's administration is looking for ways to ease the pressure on oil prices caused by the COVID-19 pandemic and the war unleashed by Russia, a major oil producer, against Ukraine.
On March 8, Biden announced a total and immediate ban on imports of oil, natural gas and coal from Russia as a sanction for the invasion of Ukraine.
(With information from AFP)
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