Brazil to Increase Oil Output in 2017 Amid Talks on Cutting Production

Oil output in Brazil will be increased next year, the Brazilian Oil and Gas Secretary said Saturday.

VIENNA (Sputnik) — Marcio Felix confirmed the increase in oil production for the next year in response to a question at the special meeting on oil market in Vienna.

"Yes, the Brazilian production is increasing… I do not have the exact figures, but the production in Brazil will grow in the next few years, we have such plans," Felix said.

Felix added that the Brazilian authorities plan to familiarize with the proposals of all the members of the meeting in Vienna and after that determine their own position.

"It is an honor for us, the Brazilians, to be invited here. We plan to get familiarized with the matters. We are attending the meeting as observers, since Brazil is not an OPEC member. We are invited to participate in the dialogue, but first we will listen and then talk," Felix said.

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On October 28-29, a special Committee of the Organization for the Petroleum Exporting Countries (OPEC) for the implementation of the Algiers agreements is taking place in Vienna.

On September 28, OPEC member states agreed on cutting its oil production to 32.5-33 million barrels per day for the whole cartel, however, no exact limits for each country have been placed. The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30.

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