Is Brazil’s Oil Boom In Danger?

Brazil’s massive offshore oil boom, notably in the deepwater offshore pre-salt oilfields, is continuing to grow despite weaker oil prices and the sharp impact of the COVID-19 pandemic. Strong demand from Asian refiners, especially those in China, for lighter sweeter crude oils saw demand for Brazilian crude oil soar since the end of 2019. The COVID-19 pandemic, a second round of lockdowns among Europe’s largest economies, a rapidly decelerating world economy, and a poor global economic outlook have done little to curb China’s…