Oil Price Shocks Make Brazil Key to Energy Security in the Americas

Oil price shocks since the U.S. and Israel first struck Iran, the world’s fifth-largest oil producer, have global markets on edge. The sudden energy crisis, which emerged after Iran closed the Strait of Hormuz, preventing the passage of around a fifth of the world’s oil supply, emphasizes the importance of petroleum production in non-OPEC countries. Brazil, along with Guyana and Argentina, was named among the largest non-OPEC contributors to global oil supply growth. Steadily expanding petroleum production will assist with securing…