Can Brazil Help Fill The Supply Gap Left By The U.S. Ban On Russian Oil?

OPECs Joint Technical Committee hasnt…

Chinas oil demand is now…

Commodity analysts are warning that…

Matthew Smith

Matthew Smith is Oilprice.com's Latin-America correspondent. Matthew is a veteran investor and investment management professional. He obtained a Master of Law degree and is currently located…

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By Matthew Smith - May 02, 2022, 3:00 PM CDT
  • Washington’s ban on Russian oil in response to Putin’s invasion of Ukraine has left a massive supply gap in the market.
  • Brazil is looking to ramp up output even further in order to meet the demand.
  • Brazil’s massive offshore oil boom is not only being driven by Petrobras, but it is also receiving some much-deserved attention from international oil majors.

Since President Joe Biden floated the idea of banning oil imports from Russia in response to President Vladimir Putin’s invasion of Ukraine there has been considerable speculation as to which countries can fill the supply gap. In early March 2022 Washington sent an official mission to Caracas to open negotiations with President Nicolas Maduro’s pariah authoritarian regime. The trip sparked fears that Biden’s administration would ease sanctions against Venezuela in a cynical attempt to boost U.S. petroleum supplies thereby easing domestic gasoline prices. Guyana, Ecuador, and Colombia have also been considered by analysts as well as industry insiders as potential sources of the additional crude oil needed to fill the supply gap. All three South American nations despite possessing....

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