Newcomer Brazil Steals Market Share In Key Asian Oil Market

Brazil’s crude oil exports to Asia increased during the first half of the year as most of the country’s competitors for the Asian market cut production to match the slump in oil demand driven by the coronavirus outbreak. Reuters reports that Brazilian oil exports to Asia averaged 1.07 million bpd during the first half of the year, up 30 percent on the year. June marked a record, when average daily deliveries hit 1.62 million bpd. There were reports late last year that Brazil could join OPEC, but in January, energy minister Bento Albuquerque…