Brazil's oil production numbers are up, but the 3.8% jump in April over the previous month doesn't sound as pretty when compared to year-over-year production, which is still down 4.9%. With Petrobras (NYSE:PBR) bringing several of its aging offshore rigs back on line after maintenance, the renaissance of Brazil's oil business will not be found in its production numbers... not yet.

More importantly, Fool.com contributor Tyler Crowe sees three distinct areas that he would like to see progress before he fully buys into Brazil's breakout. In this video, Tyler and fellow Fool Aimee Duffy discuss these three elements and how investors should play this potential turnaround.