Brazil, which is set to take over BRICS chairmanship in 2025, plans a notable increase in its participation in the oil sector as the economic bloc is reportedly planning a $19 billion boost to its oil production next year.
Stepping onto the world stage, the South American country expects to increase its production to 3.6 billion BPD in 2025, usurping its current mark by 6% and earning of 120 billion reals, per the data from the Brazilian Petroleum Institute (IBP).
“We are becoming an increasingly relevant country not only as an energy power but also a traditional energy source,” IBP President Roberty Ardenghy said.
Long known for its continued presence in the oil sector, BRICS alliance doesn’t appear to be slowing down and continues establishing its status in one of the most important industries in the world while seeking ways to increase its hegemony in world economics.
