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Brazil’s oil production grows by 10.9%

Brazil’s oil production in July totalled 3.078 million barrels per day, with a 2.2 percent increase compared to June and a 10.9 percent jump over the same month last year, the National Petroleum, Natural Gas and Biofuels Agency (ANP) reported in a bulletin.

GDP drops 9.7% in Q2 and Brazil goes into recession

Brazil’s GDP fell 9.7% in the second quarter, compared to the first three months of the year, due to the impact of the coronavirus crisis, according to IBGE. As a result, the Brazilian economy officially enters a technical recession, characterised by two consecutive quarters of shrinking activity levels.