Brazil increases oil production at Buzios field, intensifying risk of global market oversupply

State-owned company Petroleo Brasileiro SA (Petrobras) is increasing production at the world’s largest deepwater field, Búzios, despite falling global oil prices and the threat of market oversupply. This is reported by Bloomberg, writes UNN.

DetailsLast month, production at the field reached 1 million barrels per day, made possible by the early launch of the sixth floating production complex. This allowed Brazil to become one of the leaders in production growth among non-OPEC countries.

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The expansion of Búzios coincides with a nearly 15% decline in global oil futures this year. Mercuria analysts predict that the supply surplus could reach 2 million barrels per day in 2026.

Current development rates allow Petrobras to maintain high export volumes even amid falling profitability. The company, according to Bloomberg estimates, will announce dividends of about $2.2 billion.

The biggest market is here, in Brazil

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