Crude oil output from fields operated by Brazil’s state energy major Petrobras hit a record last year despite the pandemic, at an average 2.3 million bpd, Bloomberg reported , comparing the production rate to that of Kuwait. This was pretty much in line with Petrobras’s own guidance for average daily production in 2020, which stood at 2.28 million bpd, out of a total forecast hydrocarbons production rate of 2.84 million barrels of oil equivalent daily. The boost in production came mostly from the development of fields in the so-called pre-salt zone offshore Brazil, which sports some of the lowest-cost deposits of crude in the world, rivaling even those in Saudi Arabia, according to Bloomberg. The surge in production, especially in the second half of the year, was helped by a jump in fuel demand domestically. This uptrend is expected to extend into this year as well, and over the […]