According to reports, Jose, head of oil, natural gas and biofuels research at the Brazilian Energy Research Corporation? Mauro? JoséMauro Coelho stressed that Brazil's oil production will increase significantly in the next few years. He predicted that by 2026, Brazil's average daily oil and gas production may reach 5.2 million barrels, almost twice the output of 20 16.
However, coelho said that due to Brazil's lack of investment in the oil refining industry, by 2026, Brazil will become one of the countries with the largest oil exports in the world. That is to say, although Brazil's oil production will increase, the refining industry can't meet the domestic fuel consumption demand, so it can only export excess oil, and Brazil has to import more oil derivatives.
"Because Brazil's investment in the refining industry is very low during this period, by 2026, Brazil's oil export volume will reach about 3 million barrels per day, and we will become the fifth largest oil exporter in the world, second only to Saudi Arabia, Russia, Iraq and Canada." He said.
According to the report, 98% of Brazil's oil refining industry is controlled by Petrobras, and without new investment, Brazil will import a large number of petroleum derivatives in 2026, which is unfavorable from a strategic point of view, because the international price of derivatives is higher than that of crude oil. The Brazilian Energy Research Corporation predicts that Brazil will import 800,000 barrels of fuel every day in 2026.
"We predict that by 2026, if we don't invest in the oil refining industry, we will import about 800,000 barrels of fuel every day, especially diesel, including gasoline, liquefied gas and aviation fuel." Coelho said.