Brazil will be self-suffient in oil by 2005-2006

[IChing]

RIO DE JANEIRO, Brazil (AP) -- Brazil pumped a record 1.7 million barrels of oil a day in April and should reach self-sufficiency within a year, the government oil company Petrobras said Thursday. Brazil consumes some 1.85 million barrels of oil daily and imports about one-tenth of the total - mostly light crude from Venezuela, Argentina and the Middle East.

Brazil's oil output in April was 16.5 percent higher than a year ago, Petrobras said. The previous monthly record was 1.6 million barrels a day in February 2003.
"Maintaining this level, the company takes a decisive step toward guaranteeing self-sufficiency by the end of 2005 or the beginning of 2006," Petrobras said in a statement.

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The Brazilian government owns 32% of PETROBRAS and 56% of its voting shares.

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