OPEC Gets Another Supply Headache From Surging Brazilian Exports
- Slumping domestic demand amid output growth unleashes exports
- Country second in non-OPEC oil supply growth after U.S.
A man fishes in Guanabara Bay while an oil drilling platform floats in the background near Niteroi, Brazil, on April 20.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
Brazil’s most crippling recession on record is complicating life for OPEC.
The nation’s growing oil production combined with slumping domestic demand has unleashed record exports, undermining OPEC’s efforts to reverse falling prices through output cuts.