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Hormuz crisis raises Latin American oil
The Hormuz Strait crisis, which led to disruptions in oil supplies, has fueled increased demand for Latin American oil. Exports from the region rose by approximately 25% during the period from January to May 2026, recording an increase of 155 million barrels compared to the same period last year. This crisis prompted buyers, particularly in Asia, to diversify their sources of oil and seek crude from more distant regions, resulting in improved market shares for countries like Brazil and Venezuela. Brazil's production reached around 4.5 million barrels per day, while Venezuela's output increased by 46%, reaching 1.2 million barrels daily. New players such as Guyana and Argentina also benefited from production booms. Meanwhile, the island of Aruba strengthened its storage capacities in response to rising demand, as Asia increasingly turned to Latin American oil to compensate for supply shortages from the Gulf region due to the closure of the Strait of Hormuz. This closure resulted from attacks that began in February 2026 on Iran by the United States and Israel.
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