With Russia’s hostilities against the Ukraine having triggered a chain of responses from the west that include sanctions against its oil exports, Brazil’s Institute of Oil and Gas (IBP) is pointing to the supply ‘hole’ in the global oil industry as one from which Brazil can Benefit.
IBP’s Executive Director Fernando Delgado is quoted recently as saying that with Russia having rapidly lost ground as a supplier on account of western sanctions, the current imbalance in the market could redound to the benefit of Brazilian suppliers. IBP is a private, nonprofit organization that is focused on promoting the development of Brazilian national industry oil, gas and biofuels, aimed at an industry competitive, sustainable, ethical and socially responsible.
