Brazil discussing oil output boost with US amid Ukraine crisis – Minister & More News Here

Brazil’s Energy Minister Bento Albuquerque speaks in the course of the inauguration ceremony of the brand new Brazilian director of the Itaipu hydroelectric dam Admiral Anatalicio Risden Junior, on the Itamaraty Palace, in Brasilia, Brazil, February 22, 2022. REUTERS/Adriano Machado

NEW DELHI, April 20 (Reuters) – Washington and Brazil have mentioned the South American nation’s position in maintaining a lid on world crude costs since Russia’s invasion of Ukraine, Brazilian Energy Minister Bento Albuquerque instructed Reuters in an interview on Wednesday.

Brazil, with a present output of round 3 million barrels of oil per day (bpd), has been rising manufacturing for years and is aiming for a ten% enhance to three.3 million bpd in 2022.

Asked if the United States had reached out to speak about potential manufacturing will increase, Albuquerque mentioned the 2 nations had been cooperating.

“I already had two meetings with energy secretary (Jennifer) Granholm, and we have been talking about this, the importance to stabilize the offer and demand of oil and gas around the world,” he mentioned.

Albuquerque’s feedback underline the breadth of the Biden administration’s diplomatic marketing campaign to search out alternate options to Russian crude.

Albuquerque, nevertheless, mentioned a dramatic brief-time period boost could be logistically troublesome.

“To increase production is not like a switch you can turn. We have been investing a lot in our oil and gas sectors for the last three years, and this is the reason why Brazil is increasing its production and we continue to increase production for the next years.”

The U.S. Department of Energy didn’t instantly reply to a request for remark.

Albuquerque, who expects Brazil to export 1.1-1.2 million bpd this 12 months, added that though excessive oil costs provided some advantages to the main producer and exporter, the present stage was not economically wholesome for any celebration.

Asked if he sees world oil costs remaining at about $100 a barrel for the remainder of this 12 months, he mentioned: “I hope not”.

“It’s good for Brazil as a producer and exporter of oil, but we have to stabilize the price, and more than $100 a barrel is too much for any country, for developing countries and for developed countries,” he mentioned.

Albuquerque, who was talking in New Delhi, mentioned he want to see extra Indian funding in Brazil’s oil and fuel sector.

He added that the South American nation is prepared to fulfill India’s oil demand, though oil offers are business contracts between corporations.

India will get solely a fraction of its oil imports from Brazil.

Additional Reporting by Timothy Gardner in Washington, Writing by Gram Slattery

Our Standards: The Thomson Reuters Trust Principles.

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