30 Apr 2021 Featured in: Americas Weekly - Issue 17

Research Highlights - Week 17

Brazilian crude and condensate supply in February decreased by some 50,000 b/d m-o-m, which is a little lower than initially anticipated. We now expect supply to reach the 3 million b/d mark by the end of Q2-2021(see Americas Weekly - Issue 17).

  • While Brazilian February production has been reported just above the 2.8 million b/d mark, we see some room for a hike-up in production on the heels of rising pre-salt output.

  • But ongoing maintenance at several fields continues to weigh on production, putting a cap on the speed of the ongoing recovery.

  • In fact, the most recent decision to postpone the launch of an 180,000 b/d platform at the Mero pre-salt field from Q4-2021 to Q1-2022 saw us revise our Brazilian 2021 forecast on average 130,000 b/d to the downside.