São Paulo – In its monthly report on the oil market, the Organisation of Petroleum Exporting Countries (Opec) said it expects expansion of 350,000 barrels of oil a day in Brazil, Azerbaijan, Canada and Kazakhstan in 2010.
The report adds that oil production in Latin America in 2009 should grow by 230,000 barrels of oil a day in 2008, to an average of 4.43 million barrels of oil a day, slightly increasing the estimated production by 12,000 barrels a day when compared to the forecast made in the previous month. To the Opec, positive forecasts come from Brazil and Colombia.
"While there were minor downward and upward revisions to other countries’ quarterly supply figures, that did not change the annual estimates. Brazilian oil supply forecast was revised slightly up on the back of minor historical revision in 2008 supply figure as well as output improvement from the Tupi field pilot," says the report.
*Translated by Mark Ament
