Brazil: The Oil Exporting Giant That Needs to Import Fuel

(Background) In 2006, Petrobras announced Brazil’s oil self-sufficiency, noting that the country produced as much oil as it consumed. Since then, production has surged. By 2023, Brazil extracted 3.4 million barrels of oil daily. However, the nation’s refining capacity lags at just 2.3 million barrels per day (bpd). This surplus oil goes abroad. In 2023, […]