Brazil Oil Supply in November 2013

Source: OPEC 12/2/2013, Location: South America

Brazilís oil supply is expected to increase by 30 tb/d in 2013 to average 2.63 mb/d, unchanged from the previous month. Minor supply growth is expected to come mainly from the fourth quarter as output during the first three quarters remained steady, compared to the same period a year earlier. Brazilís oil output is forecast to increase in the fourth quarter, compared to the third quarter, as production impacted by maintenance in the Campos basin is seen returning and barrels from new developments are seen to support total output. The short worker strike in October is seen to have had a minor impact on Brazilís output. The start-up of the Parques das Conchas BC-10 second phase is seen supporting the increase in the fourth quarter and coming year. Furthermore, the P-55 is en route for the Roncador area to be installed and support Brazilís supply. On the other hand, the national operator stated that output in the second half of 2013 will be lower than previously indicated, which could lead to a downward revision in the coming period.

On a quarterly basis, Brazilís oil supply in 2013 is expected to average 2.57 mb/d, 2.61 mb/d, 2.62 mb/d and 2.71 mb/d, respectively.


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