Welcome to the "never disappoints" edition of Oil Markets Daily!
Another month of data for Brazil's oil production, and another disappointment.
Brazil's oil production was lower m-o-m in February by ~142k b/d. This puts Brazil's oil production at 2.489 mb/d.
Why is this significant?
Source: IEA
Because, according to the IEA, Brazil is one of the key contributors to supply growth this year. Brazil is supposed to add some ~350k b/d y-o-y, according to the IEA. In addition, it would grow production by nearly 600k b/d exit-to-exit by the end of 2019 (you