Which country is leading the way in oil production?
Brazilian oil producers are expected to produce more than 10 million barrels per day (bpd) of crude oil this year, according to data from the Organization of Petroleum Exporting Countries.
Brazil, with a total population of more than 9 million, is expected to overtake Saudi Arabia in the number of barrels per year it produces.
Saudi Arabia produced 7 million bpd in 2015.
In a bid to expand its output, Brazil will pump 5.5 million bp in 2016 and 5.1 million bps in 2017, according a Reuters report on Thursday.
The country’s oil output is expected grow to 8.1 billion barrels a day (boe) in 2021, with Saudi Arabia expected to output 5.3 million boe and Saudi Arabia, the OPEC member, to produce 4.9 million boed.
However, there is still a long way to go for Brazil, which will need to meet domestic demand.
Brazil is forecast to import about 2.3 billion barrels of crude in 2020 and 1.9 billion barrels in 2021.
It will be the fourth-biggest importer of crude after the United States, the United Kingdom and Canada.
The country is also expected to import more than 2 billion barrels from the United Arab Emirates in 2021 and 3.3 bpd from the Netherlands.
Saudi Arabia and the United Arabs, the three largest producers in the Organization, have the largest market share.
Saudi Arabian oil production of 9.7 million bbpd last year surpassed the 9.3 mbpd of the United Stated and the 8.6 mbpm of Saudi Arabia’s largest producer, BP Plc.