- Oil is trading higher, around $74.75, heading for a second consecutive weekly gain
- Yesterday, Angola announced they would be exiting OPEC following disagreements over production quotas
- Shipping impacts in the Red Sea continue to worsen, with several tankers and cargo vessels turning around to bypass the key waterway
- Brazil importing a record amount of Russian refined products (BBG)
- Brazil’s imports of Russian diesel and gasoil are set to reach 10 MMBbls in December, more than twice as much as in November
- US and European sanctions have forced Russia to find alternative homes for its crude and products, with Brazil being one the largest buyers
- This redirection of flows has been disadvantageous to US refiners who previously sold large amounts of product to Brazil