Brazilian crude exports in October suggest the country’s oil production could fall modestly this year, UBS's Giovanni Staunovo said, cited by Dow Jones.

• After a strong performance in 2023, Brazil was expected to be a source of non-OPEC supply growth in 2024, with forecasted growth ranging from 120k-315k b/d.
• However, a variety of factors including, a strike at Brazil's environmental agency delaying drilling permitting, project delays and field maintenance, and lengthy unplanned outages could limit growth.