TOUTED AS A KEY POTENTIAL ADDITION TO 2018 GLOBAL SUPPLY, DELAYED PROJECTS MEAN 1H18 BRAZIL PRODUCTION, AT 2.58MN B/D, IS ACTUALLY DOWN 50,000 B/D YEAR-ON-YEAR...
 
...WHILST EXPORTS ARE DOWN 150,000 B/D, WITH JUNE’S 670,000 B/D nearly half YEAR-AGO LEVELS
 
IT WILL TAKE A MAJOR 2H18 REBOUND IF 2018 VOLUMES ARE TO EVEN MATCH 2017’S RECORDS
SOURCE: ANP, MEES.