IEA: New offshore oil discovery to make Brazil 6th-largest global oil producer

Newly discovered oil fields off Brazil's southeastern coast will make the country a major oil exporter and the sixth-largest oil producer in the world, according to the International Energy Agency. The oil fields will triple Brazil's output to 6 million barrels per day by 2035, the IEA said. However, the agency said the fields are much more difficult and costly to develop than other oil reserves because they are trapped beneath a thick layer of salt under the Atlantic Ocean.

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