Brazil refused to join oil cut agreement

Almaty. November 8. Silkroadnews - Brazil refused to join oil cut agreement, the Kazakh Telegraph Agency (KazTAG) reports with reference to TASS.
Brazil has rejected an informal proposal to join the oil cut agreement, Marcio Felix, Brazil’s oil and gas secretary, told Reuters.
As the agency notes, last week he received a call from an adviser to Khalid al-Falih, minister of energy, industry and mineral resources of Saudi Arabia, asking about Brazil’s willingness to participate in oil cut agreement.
“They are worried about the growth of production in Brazil. We have explained already that Brazil cannot do this (oil cut – KazTAG),” M. Felix explained.
Brazil produces 2.65 million barrels of oil per day. According to the national regulator, by 2027 this figure could double - up to 5 million barrels per day.
The crude production cut deal made in late 2016 is valid until the end of March 2018. According to the agreement, the participants of the deal should reduce oil production by 1.8 million barrels per day versus the level of October 2016. The issue of the agreement expansion is now the major topic on the agenda of both OPEC states and independent exporters. At the Russian Energy Week held in Moscow in October Russian President Vladimir Putin said the deal could be extended until the end of 2018.