Brazil to US: We Will Increase our Oil Production

The Brazilian Minister of Mines and Energy reassured the US to increase Brazil's oil production.

Bento Albuquerque, the Brazilian Minister of Mines and Energy, told his US counterpart, Secretary of Energy Jennifer Granholm, that Brazil will increase its oil production.

"She asked me if Brazil could be a part of this effort (to produce more oil), and I told her, 'Of course it can.' We are already increasing production, while most OECD countries have reduced it. We have increased our production in the last three years," Albuquerque said in a note sent by the Ministry to AFP

During the meeting, Granholm explained that other countries are making similar decisions to avoid further volatility in global oil markets.

Brazil is among the 10 largest oil producers in the world, producing about three million barrels per day.

Contributed by Israa Farhan