Summary

Recent oil price shocks in response to the closure of the Strait of Hormuz underscore the importance of oil-producing countries outside of the Middle East. One of the most important is Brazil, Latin America’s largest economy and oil producer. The country is experiencing an epic decades-long oil boom, which was responsible for production hitting a new record high for March 2026. This places Brazil on track to become a top-five global producer by the end of the decade, making the country important to bolstering energy security in the Americas.

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