Brazil to supply 30% of Latin American oil by 2013
Brazilian oil production is set to grow in the coming years, according to a new report, which estimates that the country could provide 27.36 per cent of the Latin American supply by 2013.
Demand from foreign buyers for oil exports is currently exceeding the pace of supply expansion, according to the Brazil Oil and Gas Report Q2 2009 by Business Monitor International.
It predicts that Brazil will account for over 30 per cent of Latin America’s regional fuel demand by 2013.
The report forecasts a worldwide average price of $67 per barrel, which could see a significant amount of income generated for the Brazilian economy by oil sales.
Meanwhile, Paulo Wrobel, a representative from the economic and trade sector of the Brazilian embassy, has said that recent oil discoveries in the country are having a major impact on the economy.
"It is a boom area in Brazil, it is attracting a lot of interest from foreign investors," he commented.
