Is Brazil’s Oil Boom Immune To COVID?

An ongoing global supply glut and the COVID-19 pandemic have had a profound impact on the price of crude oil. Despite recovering after the March 2020 oil price crash, the international Brent benchmark appears to be trapped at around $40 a barrel. This is hampering efforts by many oil-dependent countries to bolster hydrocarbon production as a means of boosting economic growth to mitigate the damage caused by the pandemic. Brazil’s oil industry, however, is powering along in spite of sharply weaker oil prices, the impact of COVID-19, and the…