Brazil Could Become The Biggest Oil Producer in Latin America

AP Brazil Oil

Brazil is on track to surpass Mexico and Venezuela as Latin America’s biggest producer of oil, The Wall Street Journal reports.

Trends indicate the country might rise to the top position by 2011, as offshore fields are expected to start producing in the next few months.

Petrobras, which is responsible for more than 95% of Brazilian output, produced more than two million barrels per day this November.

Petrobras’s daily output is approximately 2.6 million barrels of oil equivalent, a 5.5% increase from last year, according to the WSJ.

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