RIO DE JANEIRO, August 16. /TASS/. Brazil may ramp up oil production by 76% to 5.3 mln barrels per day by 2030 but it will be followed by a small drop, the Ministry of Mines and Energy said in its forecast.

The ministry expects Brazil will reach its peak of oil production, 5.3 mln barrels per day, in 2030, which will be 76% above the figure in 2023 (3 mln barrels per day). This will be the peak value followed by the drop. Volumes will decline after 2030 and stand at 4.4 mln barrels a day in 2034, but it will be higher nevertheless than the 2023 figure and 3.6 mln barrels per day forecast in 2024.

"It is very important for Brazil to keep its leading position in the field of oil and gas production globally. These forecasts are important because they will determine our action in coming years," Minister Alexandre Silveira said, cited by the website of the Brazilian Cabinet.

The ministry also forecasts that gross production of natural gas by Brazil grow to 315 mln cubic meters per day in 2034 (by 210% from the 2023 indicator). However, the peak of 316 mln cubic meters per day will be reached in 2031. Brazil was producing 150 mln cubic meters of gas per day in 2023.