Brazil’s Oil Boom Is Accelerating as Asian Buyers Flee the Middle East
Europe Heads Into Winter With Its Weakest Gas Cushion In 15 Years As Oilprice’s South America correspondent, I cover Colombia (where I currently live), Venezuela, Ecuador, Peru, Brazil, Argentina, Chile, Bolivia, Paraguay, Guyana, Suriname and Uruguay.
I… SinceMiddle East hostilities reignited,oil prices havesoared higher, although they remain below the highs witnessed during April 2026.
strikes against Iran, with Tehran and Washington disrupting traffic in the Strait of Hormuz, through which afifth of global hydrocarbon suppliesare shipped.
This has sparked greater demand for Brazil’s high-quality oil grades, notably from Asia, because there is no need for shipments to pass through contested waters.
This will drive greater petroleum investment and production, keeping Brazil on track to become atop 5 global producer and exporter.
Governmentdata shows Brazil’s June 2026 hydrocarbon outputhit a new record of 5.8 million barrels of oil equivalent daily.
This is a 4.2% increase month over month and 3.6% higher than April 2026’s record high of 5.64 million barrels of oil equivalent daily.
It is also an impressive 19.2% greater than the same period a year earlier.
Oil production for June 2026 reached an all-time high of 4.5 million barrels per day, a 4% month-over-month increase and a stunning 19% higher than the same period a year earlier.
June 2026 output hit a record 7.7 billion cubic feet per day, which was 5.5% greater than a month earlier and is a whopping 19.6% higher year over year.
This is particularly important with demand for natural gas in South America soaring higher while regional supply becomes increasingly constrained because of falling reserves and production.
This isparticularly the case in Colombiaas well asTrinidad and Tobago,where domestic hydrocarbon sectors are facing significant headwinds.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment