According to Rashatoudi, Brazil's oil industry has grown exponentially in recent years. This Latin American country is now on track to become the world's fifth-largest producer of crude oil.
Latin America's largest economy has become one of the world's largest crude oil producers in just over a decade.
By the end of 2020, Brazil, with a production of 3.03 million barrels per day, not only became the largest producer of crude oil in Latin America but also as a member of OPEC became the seventh-largest producer in the world after Iraq, and its position is higher than the United Arab Emirates.
Brazil's Minister of Mines and Energy, Benito Albuquerque, Latin America's largest crude oil producer, will become the world's fifth-largest crude producer by the end of this decade.
The Brazilian government forecasts that by the end of 2030, its crude oil production will reach 5.3 million barrels per day, strengthening Brazil's ability to increase exports steadily.
Brazil's crude oil production averaged 2.94 million barrels per day in the first seven months of 2021 and stabilized at 3.05 million barrels per day in July.
What has led to the explosive growth of Brazil's crude oil production in recent years is discovering new oil fields off the coast.
Petrobras, the Brazilian National Oil Company, plans to develop the fields between 2021 and 2025 with an investment of $ 17 billion.