Brazil: Non-OPEC’s Struggler

Petrobras has downscaled its oil supply growth projections to 800,000 b/d by 2020. We think even the revised planning will need to be revised lower as the company copes with a lower oil price environment and the convergence of key mega project completions in 2019, which will stretch the company and its contractors’ capacities. The scaled back growth will be good news for Gulf producers targeting key Asian export markets. 

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