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Brazil Needs to Find Oil Fast to Keep Its Clout

Petrobras chief Prates will ‘have to keep the ball rolling’ or see oil boom fade.

Petrobras’s P-51 oil platform stands in the Marlim Sul field.

Petrobras’s P-51 oil platform stands in the Marlim Sul field.

Photographer: Bloomberg

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Welcome to Energy Daily, the Bloomberg newsletter you’ve known as Elements. The name is new, but the mission is the same: to be your guide to the energy and commodities markets powering the global economy, leveraging the expertise of Bloomberg journalists around the world. Today, we look at Brazil’s oil production and its prospects for growth. To get Energy Daily sent to your inbox, you can sign up here.

Oil’s had a tough start to the year, but the reason many traders see a stronger market ahead is a lack of new supply.