*Brazil’s crude output fell to a 10-month low of 2.77mn b/d in May, some 400,000 b/d down on January’s record 3.17mn b/d (see chart 1). Brazil currently has the worst Covid-19 outbreak globally. The impact on domestic oil demand saw crude exports soar to 1.91mn b/d in May even as output slumped (see chart 2).
*Brazil is one of the largest producers outside of the 23-nation Opec+ grouping (MEES, 10 July). It is also one of just three globally – alongside Norway and Guyana – where the IEA forecasts any sort of growth this year. The IEA now forecasts 2020 growth of 150,000 b/d for Brazil, down from a forecast of 310,000 b/d at the start of the year (MEES, 17 January). (CONTINUED - 241 WORDS)
