Brazil could become the fifth-largest oil producer in the world by 2032.
Brazil plans to increase oil production to 5.1 million barrels per day by 2032, allowing the country to surpass Iran in this indicator.
Brazil’s oil industry is increasing its activity, and the country’s president, Luiz Inácio Lula da Silva, is urging the maximum development of domestic resources. This strategic decision could change the balance of power in the global energy market, allowing Brazil to join the top five leading oil-producing countries.
The Brazilian state company Petrobras, which controls about 90% of the country’s oil production, is actively developing new fields near the coast of São Paulo. In April, Brazil’s oil production reached 4.3 million barrels per day, a record figure.
One reason for the strategy to increase production is the changes in the global oil and gas market triggered by the arrest of Venezuelan President Nicolás Maduro in 2026. This event allowed the US to gain access to Venezuelan oil. Additionally, China and the US already consume a significant portion of Brazilian oil. Interest in it is growing from other Asian countries as an alternative to Middle Eastern oil products.
Iranian oil supplies have also changed due to falling prices, while Russia’s oil industry has suffered from drone attacks, resulting in the lowest processing volume in 17 years.
