The aim will be to reduce prices and increase supply after the war in Ukraine
New Delhi (Reuters) – In the wake of Russia’s occupation of Ukraine, Washington has twice approached Brazil to discuss South America’s role in curbing world oil prices, Mining and Energy Minister Pento Albuquerque told Reuters on Wednesday.
Brazil, which currently produces about 3 million barrels of oil (bpd) of oil a day, has been increasing production for several years and aims to increase its 10% growth to 3.3 million bpd by 2022.
“We have cooperation with the United States. I have already had two meetings with US Secretary of Energy (Jennifer) Granholm and we are talking about the importance of ensuring oil and gas supply and demand in the world,” the minister said.
Albuquerque’s comments underscore the breadth of the Biden administration’s diplomatic campaign to find alternatives to Russian oil.
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However, the minister said a strong short-term drive would be logically difficult.
“Increasing production is not like a switch you can flip. We have invested a lot in our oil and gas sector over the last three years, which is why Brazil has been increasing its production, and will continue to increase production for the next few years.”
The U.S. Department of Energy did not immediately respond to requests for comment.
Albuquerque added that while high oil prices would in some ways benefit Brazil as a major producer and exporter, the current situation was not economically healthy for either side.
Asked if he sees global oil prices remaining at $ 100 a barrel this year, he said, “I hope not.”
“As an oil producer and exporter it’s good for Brazil, but we have to stabilize the price, and a barrel above $ 100 is too much for any country, both developing and developed,” he added.
Speaking in New Delhi, the Minister said that he would like to see greater Indian investment in the Brazilian oil and gas sector and that the South American country is ready to meet India’s oil demand, although there are trade agreements between businesses in this sector. .
He expects Brazil to export 1.1 million to 1.2 million ppd this year. India receives only a fraction of its oil imports from Brazil.
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