Brazil's Oil Output

Brazil's Oil Output
enterprise blog

Brazil made a political decision back in the 1970s that it did not wish to be vulnerable to the price shocks that the various Middle Eastern crises delivered to its economy, as it was much more dependent on foreign oil back then than the United States was. In 1980, Brazil imported 77 percent of its oil. Today, Brazil imports 0.0 percent of its oil needs. Has it replaced oil with something else? Hardly.  Brazilian oil production has increased 876 percent since 1980, and oil consumption has increased 119 percent.

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