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Brazil Seen a Net Oil Exporter Again Next Year

04/11/2014 | 07:05am US/Eastern

PARIS--Brazil expects to become a net oil exporter again next year and double its production in the medium term, the country's oil regulator said Friday.

The news comes as other American producers--such as the U.S. and Canada--are also ramping up supplies to markets, threatening the market share of African and Middle East oil nations.

Speaking at the Petrostrategies oil conference in Paris, Helder Queiroz, the director of Brazil's National Petroleum Agency, said the country had become a net importer of oil in the past two years because of declining production from its most mature fields. But he said the oil producer was expected to become a net exporter next year thanks to new production--for instance from its fast-developing offshore fields.

Mr. Queiroz also said the country's oil production was expected to double by 2022 from about 2 million barrels a day barrels today.

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