China’s imports of crude from Brazil have surged by 67% year-on-year as the country looks to replace the drop in heavy crude imports from Venezuela.
“Imports from Brazil have surged in recent months, capitalizing on uncertainty from other countries in the region,” said Gibson Shipbrokers.
“With two of China’s key suppliers under sanctions, and many others participating in output cuts, procuring the additional volumes demanded may not be as simple as before.”
