Why COVID-19 Won’t Completely Crush Brazil’s Oil Boom

Before the outbreak of COVID-19 and the oil price war between Saudi Arabia and Russia, an oil boom of monumental proportions was underway in Brazil, Latin America’s largest economy. Economists and industry analysts as far back as 2018 were speculating that it would be the largest in Latin America’s history. There were even signs that Brazil’s burgeoning oil production could challenge OPEC’s waning supremacy.  A unique combination of Brazil’s vast petroleum reserves totaling almost 13 billion barrels, comprised…