Brazil boosts oil exports to Asia as global rivals make record cuts
Rio De Janeiro
Brazil increased crude exports to Asia in the first half of the year, stealing a slice of a coveted developing market from global rivals who made record cuts to shipments to match the unprecedented fall in demand caused by the coronavirus pandemic.
The rise reflects Brazil’s growing clout among global oil producers as its massive offshore projects come online. Brazil is expected to deliver one of the biggest increases to global supply in the next five years from nations outside of the Organization of the Petroleum Exporting Countries, according to the International Energy Agency.