*Brazil has long been billed as a key source of global oil output growth over the coming years. But its performance has to date underwhelmed expectations such as those of the IEA, whose Oil 2021 report forecasts 200,000 b/d growth this year and a cumulative 1.2mn b/d by 2026.
*Actual 1H 2021 output of 2.89mn b/d is down 3% year-on-year, with no month getting close to the record 3.17mn b/d figure set in January 2020 and no sign of an uptick in the latest data (see chart 1). (CONTINUED - 246 WORDS)
