Brazil's Oil Output Booms Amid Global Supply Shifts

Oil production in Brazil reached a new high in June as non-OPEC producers stepped up output to counter disruptions caused by the war in Iran. The National Agency of Petroleum, Natural Gas and Biofuels reported that crude oil production rose 19% from last year's levels to 4.5 million barrels per day.

This increase also marked a 4% rise from May's numbers. Total oil and natural gas production reached 5.8 million barrels of oil equivalent per day in June, according to the regulator.