More Barrels From Brazil

June 20th, 2025:Production and export growth will lift tanker demand Brazil is by far the largest crude oil producer in South America. It is the 9th largest crude oil producer in the world, ranking just behind the United Arab Emirate (UAE) but well ahead of Kuwait, which are both members of OPEC. Brazil joined OPEC’s “Declaration of Cooperation” (OPEC+) in February 2025, but unlike the other members of OPEC+, Brazil does not have any production obligations. It has no quota and can produce (and export) as much oil as it is able to. Brazil’s crude oil production, most of which comes from deepwater and ultra-deepwater offshore fields, has been up and down in recent years, but the outlook for this year and next year is very positive. According to the International Energy Agency, Brazil will add 450,000 b/d of production in both 2025 and 2026. More growth is expected in future years. As we will discuss in this week’s Tanker Opinion, all this bodes well for the tanker market. Please fill in below form to continue read.