Brazil's record oil and gas production, combined with heightened Middle East supply risks, is accelerating its emergence as one of the world's leading hydrocarbon producers and exporters.

WTI’s surge is breathing life into Brazil’s pre-salt, Guyana’s boom, Vaca Muerta and Venezuela, while Pemex still limps under heavy debt.

Brazil's record oil and gas production, combined with heightened Middle East supply risks, is accelerating its emergence as one of the world's leading hydrocarbon producers and…