The COVID-19 pandemic had a sharp impact on oil prices, creating considerable uncertainty over the outlook for energy demand around the globe. The ongoing global crude oil supply glut and claims that peak oil demand could occur sooner than anticipated are also weighing on energy prices. Those headwinds have done little to impede Brazil’s massive oil boom . Growing demand for lighter sweeter crude oil grades from Asia, coupled with stronger than expected domestic demand for gasoline are buoying Brazil’s oil industry. China’s insatiable demand for lighter sweeter crude oil grades, sparked by the introduction of IMO2020 on 1 January 2020 which significantly limits the sulfur content of maritime fuels, is an important driver of Brazil’s offshore oil boom. For November 2020, China, the world’s second-largest economy, imported on average just over 11 million barrels of crude oil daily, representing a 10.1% increase over the previous month, although it […]