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1. Brazil Fails to Bring the Oil Bonanza into 2024

- Brazil has been one of the fastest-growing oil producers of the 2020s, reaching a crude production all-time high of 3.73 million b/d in early 2024, but production woes have hampered its performance since.

- Oil production has plunged almost 25% since the beginning of this year, mostly caused by unnamed technical problems encountered at the Mero and Tupi pre-salt fields.

- Simultaneously to the string of technical issues, the environmental agency that should approve new production equipment and related work has been on strike in a wage dispute, limiting the speed with which Petrobras can repair damage.

- The production travails are expected to continue into the summer months as production at Tupi could fall by as much as 300,000 b/d because of issues at two producing FPSOs.

2. Scorching Heat Boosts Middle Eastern Fuel Oil Imports

- Middle East nations have been battling scorching heat waves over the past two months, opening the usual summer arbitrage for fuel oil that is widely used for incremental power generation across the region.

- As freight costs for European exporters have become prohibitive because of the Red Sea risks, Russia has become the largest supplier of fuel oil to the Middle East, with exports averaging 215,000 b/d in May.

- According to Kpler data, Saudi Arabia is set to import the highest volume of fuel oil in three years, as heatwaves keep temperatures…





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