We are pleased to announce the release of FGV Energia's latest report on the oil, gas, and biofuels sector. The report, titled "Oil, Gas, and Biofuels: Global Outlook 2023," is the first edition of the new format of Informe that aims to provide insights and analysis on the industry's current state and future prospects.

The report's authors, including our FGV Energias Director Carlos Otavio de Vasconcellos Quintella and research team members, analyzed the projections for the global supply and demand of oil, gas, and biofuels in 2023. The report covers three sections: Petropolitics and International Markets, Brazilian Market, and Energy Transition.

One of the key findings of the report is the expected increase in non-OPEC oil production from countries such as Brazil, Canada, Kazakhstan, the United States, and Guyana. The global demand for oil is predicted to be driven by the Asian market, with China being a crucial variable affecting the market. Meanwhile, the EU's gas market saw its lowest value since August 2021, but uncertainties about winter 2023/2024 supply remain.

In the Brazilian context, the report highlights the record-breaking oil production of 3.02 MMbbl/d in 2022. While the production of ethanol in the 2022/2023 season decreased by 1% compared to the previous year, the report projects an increase in the supply of corn ethanol and sugarcane ethanol for exportation by 2032. Additionally, the report notes that despite the decline in the production of ethanol anhydrous, ethanol hydrous, and biodiesel, the sale of fuels to distributors increased by 3% in 2022.

The report also looks at different scenarios for the energy transition in 2023, based on contributions from the IEA, BP, and EPE. The report suggests that renewable sources could account for just over 70% of the Brazilian neutrality scenario by 2050, with an expansion in the use of biofuels for transportation.

We invite our readers to access the full report on our website, where they can find in-depth analysis and insights on the oil, gas, and biofuels sector. The report aims to provide a comprehensive understanding of the industry's current state and future prospects, and we hope that it will be a valuable resource for policymakers, businesses, and other stakeholders in the sector.

Stay tuned for more reports and analyses from FGV Energia, as we continue to provide insights and analysis on the energy sector in Brazil and beyond.