12/08/2024 – 7:58
The Organization of the Petroleum Exporting Countries (OPEC) maintained its expectations for the supply of liquid fuels and the growth of Brazil’s Gross Domestic Product (GDP) in 2024, in a monthly report published this Monday, 12.
OPEC expects Brazil’s liquid fuel supply to rise by 100,000 barrels per day (bpd) this year, to an average of 4.3 million bpd.
For next year, the projection is an increase of 180 thousand bpd, to 4.5 million bpd.
Both projections remained unchanged from the last publication.
The cartel also maintained Brazil as one of the three non-OPEC countries that are expected to most boost the growth of global supply in 2024, behind only the US and Canada.
Brazilian crude oil production rose 88,000 bpd in June to an average of 3.4 million bpd, pointing to a slower-than-expected recovery, according to OPEC, due to “extensive maintenance and operational issues”.
Total production of liquid fuels increased by 85 thousand bpd in June, to an average of 4.2 million bpd.
GDP
In relation to GDP, the cartel predicts that Brazil will grow 1.8% this year, up from 1.6% in the previous report.
The expectation is for a 1.9% increase next year, the same as the last publication, but OPEC notes that there is a possibility of an upward revision if the Central Bank of Brazil resumes monetary easing in September.
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